JSPL accepts revised offer from Worldoneto divest its 96.42 per cent stake in JPL

Jindal Steel and PowerLimited (JSPL) has accepted the revised offer from Worldone Private Limited (WPL), to divest its 96.42 per cent stake in Jindal Power Limited (JPL).

As per therevised offer, WPL will buy out all the equity shares and redeemable preference shares of JPL held by JSPL for a total consideration of Rs 74.01 billion,of which Rs 30.15 billion will be payable by cash, and the remaining Rs 43.86 billion will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances paid by JPL to JSPL.The movewill strengthen JSPL’s balance sheet,as debt of Rs 65.66 billion associated with JPL will move out of itsconsolidated books. The divestment is in line with JSPL’s strategy to focus on its India steel business.

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