Jindal Steel and Power divests entire stake in JSIS Oman

The company has sold the balance shareholding held by it representing 51 % of the share capital of JSIS Oman to Vulcan Steel in the second and final tranche.

Apr 16, 2021 03:04 IST India Infoline News Service

Jindal Steel and Power Limited (JSPL) on Friday has completed the divestment in Jindal Shadeed Iron and Steel LLC, Oman (JSIS Oman), a step-down material subsidiary of the company.

The company has sold the balance shareholding held by it representing 51 % of the share capital of JSIS Oman to Vulcan Steel in the second and final tranche, in accordance with the Shareholder approval (accorded in EGM of the Company, held on July 28, 2020).

The company on September 2, 2020 had intimated regarding divestment of 4,86,999 shares (representing 48.99% of the share capital) of JSIS Oman, by way of sale of shares by Jindal Steel & Power (Mauritius) Limited (JSPML), wholly owned subsidiary of the company, to Vulcan Steel, a Mauritius based private limited company.

Towards close of trade on Friday, Jindal Steel & Power Ltd was trading at Rs413.00 per piece down Rs1.25 or 0.30% from its previous closing of Rs414.25 per piece on the BSE.

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