November 13, 2020

London Stock Exchange

London

Dear Madam, Sirs,

Re: Outcome of Board Meeting

The Board of Directors of Tata Steel Limited ('the Company') at its meeting held today, i.e. November 13, 2020, inter alia, transacted the following business:

1.  Financial Results

Approved the audited Standalone and unaudited Consolidated Financial Results (subject to Limited Review) of the Company for the quarter and half year ended September 30, 2020.

A copy of the said Results together with the Auditors' Report, Press Release and Investor Presentation are enclosed herewith.

2.  Exercise of Call Option in respect of Non-Convertible Debentures/Perpetual Hybrid Securities of the Company

The Board of Directors of the Company approved the proposal to exercise Call Option to redeem the following unsecured, rated, listed Non-Convertible Debentures (NCDs)/Perpetual Hybrid Securities (PHS) in the form of NCDs of the Company, as per their terms of issue:

a.  10.25% NCDs having ISIN INE081A08140, with outstanding amount of ₹670 crore, to be redeemed, in full, on December 22, 2020;

b.  10.25% NCDs having ISIN INE081A08157, with outstanding amount of ₹3,350 crore, to be redeemed, in full, on January 6, 2021;

c.  11.80% PHS having ISIN INE081A08165, with outstanding amount of ₹1,500 crore, to be redeemed, in full, on March 18, 2021; and

d.  11.50% PHS having ISIN INE081A08173, with outstanding amount of ₹775 crore, to be redeemed, in full, on May 11, 2021.

The Board meeting commenced at 2:30 p.m. (IST) and concluded at 7:00 p.m. (IST).

The above announcements are also being made available on the website of the Company www.tatasteel.com

This disclosure is being submitted pursuant to Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended.

This is for your information and records.

http://www.rns-pdf.londonstockexchange.com/rns/3402F_1-2020-11-13.pdf