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JSW Steel and JSW Shipping to jointly control Bhushan Power through Piombino Steel; stock soars 4%

JSLPL holds 51% equity in PSL and JSW Steel holds 49% equity in PSL.

March 30, 2021 11:58 IST | India Infoline News Service
JSW Steel
JSW Steel Limited updated the exchanges about implementation of the resolution plan submitted by the company for Bhushan Power & Steel Limited (BPSL) under the Insolvency and Bankruptcy Code, 2016.

The company said that pursuant to subscription and shareholders agreement between the company, JSW Shipping & Logistics (JSLPL) has converted the optionally convertible debentures held in Piombino Steel (PSL) into equity shares of PSL.

Pursuant to the conversion, JSLPL holds 51% equity in PSL and JSW Steel holds 49% equity in PSL. JSLPL and the company will jointly control and manage Bhushan Power & Steel through PSL.

The company continues to hold the optionally convertible instruments (convertible to equity shares at par) issued to the company by PSL.

JSW Steel Limited earlier informed on Friday that the company has implemented resolution plan for BPSL. A sum of Rs8,614cr was arranged in a wholly-owned subsidiary through a mix of equity, optionally convertible instruments to JSW Steel and JSW Shiping & Logistics Pvt. Ltd. and the debt availed by PSL funds.

At around 12.03 pm, JSW Steel Ltd was trading at Rs462.95 per piece up Rs18.00 or 4.05% from its previous closing of Rs444.95 per piece on the BSE.

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