BSE Metal Sector Regulatory Filings — May 15, 2026

15-05-2026

Tata Steel Limited's Board approved the audited standalone and unaudited consolidated financial results for the quarter and FY ended March 31, 2026, with an unmodified auditor's opinion from Price Waterhouse & Co., and recommended a dividend of ₹4 per equity share (400% on ₹1 face value), subject to shareholder approval at the July 2, 2026 AGM. The Board also approved acquiring a 23% equity stake (41,40,000 shares) in TMILL for ₹335 crore, increasing its holding to 74%. However, Tata Steel Netherlands faces regulatory challenges, including over €20 million in penalties for emissions exceedances and a material uncertainty to going concern due to potential early closure of aging coke and gas plants.

• · Record date for dividend: Friday, June 12, 2026.
• · AGM scheduled for Thursday, July 2, 2026; dividend payment from Monday, July 6, 2026 if approved.
• · Transaction subject to approvals including Competition Commission of India.
• · TSN penalties relate to 40-50 year old coke ovens; exploring legal recourse.

15-05-2026

Tata Steel Limited's Board approved the audited standalone and unaudited consolidated financial results for Q4 and FY2026 ending March 31, 2026, with an unmodified auditor opinion and no adverse remarks impacting debt servicing; recommended a ₹4 per share dividend (400%) subject to shareholder approval at the July 2, 2026 AGM. The Board also approved acquiring a 23% equity stake in TM International Logistics Limited for ₹335 crore. However, Tata Steel Netherlands faces regulatory challenges including >€20 million in penalties and potential early closure of coke and gas plants, leading to material uncertainty related to going concern in its financials.

• · Record Date for dividend: Friday, June 12, 2026
• · AGM scheduled for Thursday, July 2, 2026
• · Dividend payment on/after Monday, July 6, 2026 if approved
• · Post-acquisition stakes: Tata Steel 74%, NYK 26% in TMILL
• · TSN penalties relate to 40-50 year old coke ovens with no feasible global best practices
• · TSN exploring legal recourse against permit revocation

15-05-2026

Tata Steel's Board approved audited standalone and unaudited consolidated financial results for FY2026 and Q4 FY2026 with an unmodified auditor opinion and no adverse remarks on debt servicing; recommended a ₹4 per share dividend (400%) subject to AGM approval on July 2, 2026; and approved acquisition of 23% stake (41,40,000 shares) in TMILL for ₹335 Cr. However, Tata Steel Netherlands faces regulatory penalties exceeding €20 million in FY2026 and potential early closure of coke and gas plants, resulting in material uncertainty related to going concern in its financial statements.

• · Record Date for dividend: Friday, June 12, 2026
• · AGM scheduled: Thursday, July 2, 2026
• · Dividend payment (if approved): on and from Monday, July 6, 2026, subject to tax deduction
• · TSN penalties: more than €20 million in FY2026 related to coke and gas plants
• · Board meeting: May 15, 2026, from 2:00 p.m. to 5:15 p.m. IST

15-05-2026

Tata Steel's Board approved audited standalone and unaudited consolidated financial results for FY2026 ended March 31, 2026, with an unmodified auditor opinion, and recommended a ₹4 per share dividend (400%) subject to shareholder approval at the July 2, 2026 AGM. The Board also approved the acquisition of a 23% equity stake (41,40,000 shares) in TMILL for ₹335 crore, increasing ownership to 74%. However, Tata Steel Netherlands faces ongoing regulatory challenges, including over €20 million in FY2026 penalties and a material going concern uncertainty due to potential early closure of coke and gas plants.

• · Record date for dividend: Friday, June 12, 2026
• · AGM scheduled: Thursday, July 2, 2026
• · Dividend payment from: Monday, July 6, 2026 (if approved)
• · TMILL JV structure pre-acquisition: Tata Steel 51%, NYK 26%, IQ 23%
• · Joint Venture Agreement dated July 26, 2001, and Deed of Adherence dated November 26, 2009 to be terminated post-transaction
• · Acquisition subject to Competition Commission of India and other approvals
• · TSN coke ovens age: 40-50 years old

15-05-2026

The Board of Directors of Steel Authority of India Limited approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, and recommended a final dividend of Rs. 2.35 per equity share (23.50% of paid-up equity share capital). However, the auditors' report highlights emphasis matters including exceptional items of ₹451.34 crore (gratuity liability increase) and ₹216.88 crore (DVC electricity tariff dispute adjustment), provisional recognition of government sales revenue aggregating ₹9,723.71 crore for the year, suspension of certain officers under Ministry of Steel directions, and non-compliance in board composition regarding independent directors and woman director requirements.

• · Disputed entry tax demand increased to ₹111.43 Cr as on 31 March 2026 from ₹105.13 Cr as on 31 March 2025.
• · Board composition non-compliant with Section 149 of Companies Act 2013 and SEBI LODR Reg 17 up to 31 March 2026 due to insufficient independent/non-executive directors; non-compliance resumed from 21 April 2026, also lacking woman director.
• · Suspension of certain officers/employees per Ministry of Steel directions; management assesses no material impact on operations or financials.
• · Branch auditors' financial information reflects ₹52,387.86 Cr total assets, ₹43,962.35 Cr total revenues, ₹1,105.11 Cr net profit after tax.

15-05-2026

Vedanta Resources Limited disclosed under SEBI Takeover Regulations an amendment to its facility agreement dated 13 May 2026, increasing total commitment from US$350,000,000 to US$600,000,000, with encumbrances (negative lien and non-disposal undertaking) continuing on 2,204,724,753 equity shares (56.38%) of Vedanta Limited held by subsidiaries including Twin Star Holdings Ltd (40.02%), Vedanta Holdings Mauritius II Limited (12.60%), and others. No new pledge was created, but promoters are required to retain at least 50.1% control of Vedanta Limited. The disclosure maintains the existing encumbrance structure without changes to promoter holdings.

• · Encumbrances include negative lien on shares held by obligors and restriction on creating further encumbrances.
• · Present lenders: DB International (Asia) Limited, First Abu Dhabi Bank PJSC, JPMorgan Chase Bank N.A. London Branch, Mashreqbank PSC, National Development Bank PLC, Standard Chartered Bank (Mauritius) Limited, Standard Chartered Bank (Singapore) Limited.
• · Joining lenders: Bank of Maharashtra IFSC Banking Unit, Sumitomo Mitsui Banking Corporation Singapore Branch.
• · Previous disclosure: 02 February 2026 (revised 16 February 2026).

15-05-2026

Vedanta Resources Limited amended its facility agreement dated 13 May 2026, increasing the total commitment from US$350,000,000 to US$600,000,000, with a negative lien and non-disposal undertaking over 2,204,724,753 equity shares (56.38% of Vedanta Limited's total share capital) held by promoter group entities including Twin Star Holdings Ltd, Welter Trading Limited, Vedanta Holdings Mauritius Limited, Vedanta Holdings Mauritius II Limited, and Vedanta Netherlands Investments B.V. This encumbrance covers 99.99% of the total promoter shareholding of 2,204,867,749 shares (56.38%), continuing the existing structure with no new pledge created. The high level of encumbrance on nearly all promoter shares heightens risks related to control and potential invocation in case of default.

• · Encumbrance in favor of Kroll Trustee Services (HK) Limited acting for lenders including present lenders (DB International (Asia) Limited, First Abu Dhabi Bank PJSC, etc.) and joining lenders (Bank of Maharashtra IFSC Banking Unit, Sumitomo Mitsui Banking Corporation Singapore Branch).
• · VRL Group required to retain at least 50.1% ownership and control of Vedanta Limited.
• · No pledge created over equity shares as on disclosure date.
• · Disclosure under Regulation 31 of SEBI Takeover Regulations.