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.
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.