Jindal Steel completes disposal of entire stake in Jindal Power for Rs7,401.29 crore

31 May 2022 , 10:29 AM

Jindal Steel & Power Limited informed the investors and exchanges the company has divested its entire stake in Jindal Power Limited, a material subsidiary of the Company, by way of the sale of equity shares and redeemable preference shares, to Worldone Private Limited.

The company further stated that it has today completed the Proposed Sale and accordingly, the shareholding of the Company in JPL has become ‘nil’ and JPL has ceased to be a material subsidiary of the company.

The total Consideration for the said transaction is Rs7,401.29 crore. The consideration is partly payable by way of cash consideration of Rs3,015 crore, and partly by way of Worldone taking over and assuming all the liabilities and obligations in relation to the intercorporate deposits and capital advances paid by the Jindal Power to the company aggregating to Rs4,386.29 crore.

Worldone Private Limited, the acquirer, is a private company limited by shares, incorporated in India in 1999, engaged presently in the business of investment holding.

Jindal Steel & Power is currently trading at Rs386.35 down by Rs1 or 0.26% from its previous closing of Rs387.35 on the BSE. The scrip opened at Rs380.30 and has touched intraday high and low of Rs392.20 and Rs377.15 respectively.