Jindal Stainless To Exit Jindal Coke By September

4 Apr 2024 , 10:27 AM

On Wednesday, Jindal Stainless announced its goal to sell off all 26% of its ownership in Jindal Coke by September of this year. The company sold 4.87% of its Jindal Coke shares for more than ₹36.49 crore in the first tranche. A regulatory filing states that JSL Overseas purchased these shares at the same price.

Concurrently, Jindal Stainless has purchased the bulk of the Spanish company lberjindal.

The company’s board approved in principle in January the purchase of up to 100% of Iberjindal S.L., a Spanish subsidiary, and the sale of the 26% equity share it owned in Jindal Coke Ltd., an associate company (JCL).

According to the filing, on March 26, 2024, Jindal Stainless Ltd (JSL) and JSL Overseas Ltd (JOL) signed a share purchase agreement for the sale of a 4.87% equity investment in JCL.

“The company has transferred 15,80,000…equity shares of the face value of ₹10 each at a price of ₹231 per equity share for a consideration of ₹36,49,80,000 to JOL,” it stated.

According to JSL, the deal should be finished by September 30, 2024, at the latest.

JCL’s revenue as of March 31, 2023, was ₹1,993 crore.

Additionally, according to JSL, “on April 2, 2024, it acquired an entire stake of Fagor Industrial, S.Coop. (Fagor), the joint venture partner in lberjindal, constituting 3,00,000…shares of face value of euro 1 each at a price of euro 0.1 per share, representing thirty% of the paid-up share capital in lberjindal.”

The remaining five% of the shares, held by other minority shareholders, are also being pursued by the corporation.

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