Shares of Jindal Steel & Power Ltd was down 4% at Rs159 after company has announced that the Board of Directors of the Company at its meeting held on October 09, 2014, has approved the acquisition of remaining 10,20,000 equity shares of Rs. 10/- each for an aggregate amount of Rs. 1.02 crore only representing 51% equity stake in ‘JB Fabinfra Private Limited’ (JBFAB) from its existing shareholders.
JBFAB is a Joint Venture Company in which the Company holds 49% of equity share capital and after the proposed acquisition it will become a wholly owned subsidiary of the Company.
JB Fabinfra Private Limited is engaged in the business of manufacturing of pre-fabricated structures out of light guage steel (LGS) for residential constructions. JSPL also has Construction Materials business vertical bringing all construction materials under one umbrella and acquiring JBFAB manufacturing business will strengthen the existing portfolio.
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