JSW Energy Limited has entered into a definitive agreement with Toshiba Corporation to increase its stake in their joint venture, Toshiba JSW Power Systems Limited (TJPS) through acquisition of additional equity shares for a cash consideration of Rs 1.5 billion. Following the transaction, JSW Energy’s shareholding in TJPS will increase to 20.7 per cent from 4.6 per cent on a non-diluted basis, and to 10.7 per cent from 2.4 per cent on a fully diluted basis. The acquisition is aimed at strengthening access to steam turbine generators and supporting thermal power expansion plans.
Separately, JSW Energy has divested 25 million equity shares of JSW Steel Limited through a bulk deal on the National Stock Exchange of India Limited, raising gross proceeds of Rs 31.5 billion. The transaction was undertaken as part of a strategic liquidity release. Following the stake sale, JSW Energy’s holding in JSW Steel stands at 45.04 million equity shares.