JSW Steel subsidiary acquires entire stake in West Waves Martime & Allied Services; Stock trades flat

WWMASPL is now a wholly-owned subsidiary of PSL and a step-down subsidiary of JSW Steel.

Nov 24, 2021 02:11 IST India Infoline News Service

JSW Steel
JSW Steel-led wholly-owned subsidiary, Piombino Steel Limited (PSL) has acquired the entire equity shareholding of West Waves Martime & Allied Services (WWPIASPL) from Magnificient Merchandise and Advisory Services Private Limited (“MMASPL”).

Earlier in March this year, JSW Steel implemented its resolution plan for Bhushan Power & Steel Limited ("BPSL”) under the Insolvency and Bankruptcy Code. BPSL is 100% owned by PSL.

Notably, JSW Steel holds about 83.28% in PSL pursuant to the exercise of option of conversion of OFCDs held by it in PSL and that consequently PSL has become a subsidiary of the Company and the Company will control and manage BPSL through PSL.

However, JSW Steel highlighted that PSL had availed financial assistance from West Waves Maritime & Allied Services Private Limited (“WWPIASPL”), a Promoter Group Company, for completing the acquisition of the BPSL.

Following the above, JSW Steel said that "now, in order to reorganise, eliminate the intercompany loans and simplify the group corporate structure for better administration, PSL has today acquired the entire equity shareholding of WWMASPL from MMASPL based on the valuation report of a reputed valuer with the ultimate objective of merging WWMASPL with itself, subject to regulatory approvals."

WWMASPL is now a wholly-owned subsidiary of PSL and a step-down subsidiary of JSW Steel.

At around 2.47 pm, JSW Steel was trading at Rs683.50 per piece flat compared to the previous closing on Sensex.

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