JSW Steel to acquire entire issued and paid-up share capital of Piombino Steel

Pursuant to the above, Piombino Steel Limited shall become a wholly owned subsidiary of the company and Makler Private Limited shall become a wholly owned subsidiary of Piombino Steel Limited

Jun 07, 2019 03:06 IST India Infoline News Service

JSW Steel
JSW Steel in its filing to the exchanges informed that the company has agreed to acquire entire stake of Piombino Steel Limited from JSW Techno Projects Management Limited.

"The company has agreed to acquire, by itself and through its nominees, 10,000 shares of INR 10/- each, comprising the entire issued and paid-up share capital, of Piombino Steel Limited from JSW Techno Projects Management Limited," JSW Steel said in a press note after markets hours to the exchanges on Thursday.

Further, Piombino Steel Limited shall, by itself and/or through nominees, acquire 8,000 shares of INR 10/- each, comprising the entire issued and paid-up share capital of Makler Private Limited from JSW Techno Projects Management Limited, the company added.

Pursuant to the above, Piombino Steel Limited shall become a wholly owned subsidiary of the company and Makler Private Limited shall become a wholly owned subsidiary of Piombino Steel Limited, the company said.

JSW Steel Ltd's share price ended at Rs267.80, down by Rs6.3 or 2.3%, from its previous close of Rs274.10 on the BSE.
The scrip opened at Rs274.10 and touched a high and low of Rs274.65 and Rs266.20, respectively. A total of, 53,11,021 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs64,733.16cr.

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