JSW Steel acquires JSW Vallabh Tinplate; stock rises

The company said that it has, in one or more tranches, acquired 1,32,37,227 equity shares of Rs10/- each, representing 26.45% of issued and paid-up share capital of JSW Vallabh Tinplate.

Nov 25, 2020 09:11 IST India Infoline News Service

JSW Steel
JSW Steel Limited informed the exchanges on Tuesday regarding entering into a share purchase agreement with the third party shareholders of JSW Vallabh Tinplate Private Limited.

The company said that it has, in one or more tranches, acquired 1,32,37,227 equity shares of Rs10/- each, representing 26.45% of issued and paid-up share capital of JSW Vallabh Tinplate.

It further added that on closing of the transaction, JSW Vallabh will become a wholly owned subsidiary of the company through direct and indirect (through company's WOS Vardhaman Industries) shareholding.

With this recent transaction JSW Steel's shareholding will increase from 73.55% to 100%.

JSW Steel was trading at Rs344 per piece up by Rs3.2 or 0.94% from its previous closing of Rs340.80 on the BSE, at around 10.06am.

The scrip opened at Rs344.20 and touched an intraday high and low of Rs344.35 and Rs342.45 respectively.

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