AMALGaAMATION

T Amalgomale

go inh liayidatan and a

Conpanies es toa todake

Accosdy te Acounhg tondardi4s Analamahan mean

Qmaganahon pursuant to the xoviaian athe
Conpanies Aet, 195sb oa any ohin gotde which maybe
ahplable
of one ampang by anathe. Aen amalgand ion h
Lqulsed emfpony in dissalued Gnd cease toesTnhe
abave delinihon invoved in the

ds Tyanteox Comhany T means a Comjan, Whidh

anohen Combang The omaang
Aelliny tta buoiness jn abo alledvendo onon.

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do t~anoferee ombang means the ozpany 'nt

Lalkickataanahees ampang 'n amalgamatek»CSurehosig
above ezample xy dia taasshczee.

Tkene may be thae btuaiano thugh whlda a new

may be tomed

Ca Amalgmathon Hene tuo 0 moge handwoe y tampanics

Cone tusehen and toxm new Campony do dalee ouei
ne

ties to Camhag
Menu one exintng Company dtakes guen the buasess ot
lanbang taa anaer
o ctennal Recstaushon Tn lase ot
etennal oelanshaa
the bstos f
anoten extta
fox eyamle tozraad to tote oL the
busihess

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ANALGAIATTON O
TRE LIMITED WITH
BACKaROUND

TRE Linited
TRE badisid Gamfaonles pubiic linited canfanin intaoi=
aded on qoh hovembin 1962 and hosiy segt otce
at 1 Stotion Rood Burnanineh, Jonsstbedbw ,Jhackhand
R31o0

TRE Dfound on pamidiy desis and nmanfchune ot at

padenial handiy nystas and eguipmaesk wnich adors to ite
equ'taenk of sechas seuhes ned, poutpnt ond mining
Commsionig
aezial handiy ykms and hoidiy Sie cycle Seiag
Equiy shore ot T RE ane
of IrdiaCse") and Dambay sock exckanye (" B9E").
 Topic Date

TATA steel imiBeol.

"TSL h a.isd pablle biaided

anfay in afoatrd on26"n
August 907. ond.hauiy siynloadgtfce at bombay tlause,

Tata Seel Linaited n one ut e

wih on
Leadig slabalalcel ompaiea
dooyeans.oteeferuenle. jn the steel sector Ond iaa
ioneer of Skel mantaching in Tnela T a one ot te
pominantgergtaphiall dieoitied ond stel zoduars Ta addisan
Mest sades and dinibtan newak

"NSE ond Eombay Stock chanye (" Bse")

 SCoPE AND PURPOcE oF THIS REPoRT
We undetond hat h oraganatian of TPE wi TSL
bcing ondemplated throyh
Sectoys 236 do 232 ond ote abpticoble
Canbanies Act 2o13, ond uleb trened thenaundo ! heuin ado

The Taansteze arsaen

deel Connfpanies, wk over loo
steel manudacuzing
lowce Cand tndegaed
loith lonZo abiue ixn Dse dounwj: The Tonsten Cornparg

handling dystea and eyuipment uhidh caton ho ihe zegpienert

andyamahan wll ensue tocused manaenant in e Gorbined
Sulh sestuuz illead
aia iziy AWalue tur Ae shaaholdrs

Conpnnes in dimilai bsh buoass futhen, he amalyarnaten atent

te ohilosoþh, one. Tata sleel'
oil tyawlate do Cuomen Sarice deliwryo
of cusbonaz) which wil tead boer

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h addlan"esalg oa faaate haldy

suhe toill lead to
ility in dhe buslaess elasystcs of the Companies:
gheratn oods wil be redud
reducd due tote nesuchana Aaa berult,
eliciecks,
atonlsahan, sandasdizaion and implificatn et business
proceses Fushen, foaaposed Scheme all abo seduue nurent oced

Schame peited

The bass of Volue io amalgamaan

cRelotue aliu' anel Valuatan s based

The Scope ot Beuias bdo

ot the Egithy Condt
absolate) Valutan a beatue Cand not
haus ot TRE and TSl ard
etommanding
n acoxdance nith s2e
aalgamain
Valuatn gtondazdh TaderNchanal VauaHn tondatdo TCAT
Chattened Aecouetanta ot adial'TCA)
Thhs ebod sa Dubyect to the Seohe,
disclases oncl
the excluloss,detoiled he assamptass,
heze in afdern AAtimidahos,
such,

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Aocickd

olth thin ncess. ineldig

4 Franial Riotas Analgoahn often inalen taelal tospaciow
entes-hene ee

Coapozate Cuthuen, alues ond

eleahaly nangge Gubuzl dyeraes can diad do enabloyee

stict sc_ulations duch es trayee ixs heathares

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Topic

s shatesle Rhtoi The staeogic otiele tuind he emal7arei,

alusys madesialze a eapecded chornges in watel
Conciions Cusamer paefanes Gmntee dynamics Could
daterrhn Lmderrnsae he ehcjaded

abendsm ond nesahe foesicaphebs

Lof se meyed eaty

Fhacial unfomoNA Rats The sucwso af

Lofen dipda on te abithy of he aezged n to chicue

stakebeldlens dsscstoshen

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VALUATION 8TANDARDS FoLLOED AND

PROCE DURES ADOPTED FoR
VALUATION
Ale hae kandamseo tha valuaan onalyis h te fdent
pomible h acoadente twth dian auton sodasd) 2ald mued
304

TRequeted ond secanedbelent data etoancal and 4uctttatn

qualtate) from te nanasened
Used data aliable in abc damaia

undeested ot the buninesses

(onoxhiny the dessinas)
tatas) thai

Dehotwaiakanot auahon muhlon at Comerable.

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Selechn ot valuathan abh'oach ard vabatoh

mlhdalayy in
ahpru'dale ord elanonl by
Companien do dedenine the ab
Cxdhoige
 Topic

VALUATION APPRO ACHES ANO

METHODOLQGTES
peposed Qmalganactoa of TRE inko TSL, oull egize
detennii the selahe ehudy valuatam TRE OndTSL,
oncd sn mothodalËÃn epbh hain and uardous,
guao
Hodors Deloland to TRE andTSL

The abþliakon f any fanh cular bethod of yalutaa

valus mag
toa baongly emphasized thad a valuc Can only arie ot
One Value ts one Oun choice d mahadalos4 at
methodalogics adabked ta daansactons ot a alan neue Drdl
rNnable Judgenatt gin on jndgbedavt ond kona<ide. manne
ang amfang
nlertuinibes ond anton Gonthgsnieh ontingences all ot
alhich ea diticulk aedct and one beyard oun outeol

bushes

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 seeim af valotion abpoach ard vauatn mtthdoloy
acondançe obkra þ'dale and velwant b

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Topic Date

Jen the sehtme, the egu shrekalders at TRE Codey teants)

of RSTRE and tak value af eqth shones of TSl These aluas are

rdyaadaty ithad mdezdng e bnpased tgesachen

he thaee mas apbaochuo t Maluothon

pnaaktt obfach,

Chor
 Page No.

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Topic

COST APPRO ACH -NET ASSET VALUE METHOD

boned n aa
Theahe len Cast ahbzoah h detenatad n boe alue
olue ho oet which Could be
wole ch the buslbey boed
Ablue Under NAV method, totod

aaplaanant ythadalog
Lieo n he
fro the kuiness whene Hhe vala toaineng NÂV mehod daes
amnathe ongeing copernhoss of e

Conadead NAN methad to the salck bluatin

e boe not asontny buinesses and
b bon TRE ond Tsl ate
oot Ualye dae not aeet
we undetand that huitoaial Lndendoken
Tho valeton
d c vaue ot ther businer
asemion or we de not Comdemploe on
oh 1ony lonlean tha tndyiduol amets
oshial sale ocalizhan of

’TS (OUNTEDCASH ElowS

INCOME APROACH METHOD

aot cooh tlous to a siagle Cwount

tuue omount
amount cithea theyh disouty
genentg Ghabiliy ond the ose
ushflaws FCEE Dcpaeen the osh
ctboh tloos
Osociole d wËth tte sald
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vobaton mathedoloy in
Saadion of valuafian abp'wah ard opoprale ord clovan! b
acco ntane

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Topic Page No.

Date

aval tabk to clidbt to both te

the buaisem: Rat oumnes ancd te coedidoy) ot
sadiwed dsaunt ale ox wel_hed fueha_e
Costat

Dante balance and

Condyendosets abilzis and ohen eliuhea, de
alue to eguity staarzalaldes

"[Btne esent caye le the

On a
ampanleg
seioble ota, to
invalves Cassi made auljechsy Comahanie
Jho hotbeen derable ond hente Buch
cbsenke aualoble tar
t businen plan he tatdent exencoe. athe
ond
the Dncome Ayboah. bojectins, toe hale rot Conhdenad chy

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MARKET APPROACH - MARKET TRICE METHOD

Shere quated

On the ndocle
eapialally ohene the nealek

t anahe
trodha,.
Cinpauis the olane of aharsg tadid and aglallahoz
aQntozable Jtandazd

Snce, RE Ond TSL oze

penad we hae onaldoned lolume uelglded

reasanable
Ahes heres

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SHARE TSSUANCE TRATIO AN CoNCLUSTON

faliiate e daden mlaba

pon Gyuik share t undun each abboueheh lmehads

The tas Esut Shat Echanee Rato h been atoived abon the

dapandady apld matads disasd ebae, os Coddezd alpinpsiat

TRE ord TSA.

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