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JSPL postpone EGM to a further date; stock trades lower

Most of the investors are aligned on the reduction in carbon footprint and improvement in ESG matrices, which this transaction can achieve for the Company, JSPL said in the filing.

May 24, 2021 2:55 IST | India Infoline News Service
Jindal Steel & Power Ltd (JSPL) said in the stock exchange filing that “Therefore, it is constrained to postpone the EGM to a further date, which will be intimated by the Company separately, along with the revised dates of E-voting facility.”

In this regard, we wish to inform you that after engaging with several investors with respect to the proposed sale of Jindal Power Limited (“JPL”) as stated in the Notice (“Proposed Sale”), the Company has received positive feedback from a large number of investors on the Proposed Sale and the comprehensive sale process run by the Company through an independent third-party advisor. Most of the investors are aligned on the reduction in carbon footprint and improvement in ESG matrices, which this transaction can achieve for the Company. They have also appreciated the cash consideration from the Proposed Sale and the Company’s continued focus on debt reduction over the past few years, the company said.

The stock is currently trading at Rs400.10, down by Rs2.95 or 0.73% from its previous closing of Rs403.05 on the BSE.

However, a few investors have requested the Company to examine and simplify certain terms around the Proposed Sale, before requiring them to consider resolutions in relation to the Proposed Sale. In view of the above and given the unprecedented situation of Covid-19, the Company would require additional time to engage with the concerned parties for evaluating the same.

Therefore, it is constrained to postpone the EGM to a further date, which will be intimated by the Company separately, along with the revised dates of the E-voting facility.

It is hereby clarified that the E-voting facility to be provided by the company to its shareholders, which was scheduled to be started from May 21, 2021, to May 23, 2021, is also being postponed to the future date, to be intimated separately. This is for your information as also for the information of members and the public at large, JSPL added.

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PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

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