JSW Steel-led arm picks up 31% stake in Ayena Innovation

24 Jan 2023 , 02:28 PM

JSW Steel Limited informed that its wholly-owned subsidiary JSW Steel Coated Products Limited (JSWSCPL) has entered into a shareholders’ agreement and a share subscription agreement with Ayena Innovation Private Limited and its shareholders.

Ayena is a start-up registered with the Department for Promotion of Industry and Internal Trade that will develop, manufacture, and sell quick-to-install modular solutions such as modular kitchens.

The proposed investment is consistent with JSWSCPL’s efforts to explore new avenues for increasing the consumption of coated steel products. It will allow JSWSCPL to diversify its customer portfolio mix and strengthen its retail presence. 

JSWSCPL will have a 31% equity stake in Ayena following the transaction’s completion. The cost of acquisition is Rs5.99 crore.

As per the company’s filing with the bourses, the long-stop date for the transaction is 45 days from execution date of agreements.

At around 12.42 PM, JSW Steel was trading 1.04% lower at Rs726.30, against the previous close of Rs733.95 on NSE. The counter hit an intraday high and low of Rs737.90 and Rs724.15 respectively.

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