JSW Steel to Sell Major Stake in Subsidiary for Over ₹1,676 Crore
JSW Steel announces a significant sale of over 22 crore shares in Piombino Steel Limited, its subsidiary. The transaction is part of a buy-back offer valued at ₹1,676.45 crore and is aimed at strengthening JSW Steel's balance sheet. Approval from PSL's shareholders is pending.
- Country:
- India
In a strategic move to bolster its financial standing, JSW Steel announced a plan to sell over 22 crore shares of its subsidiary, Piombino Steel Limited (PSL). This sale is aligned with the proposed buy-back offer amounting to ₹1,676.45 crore.
The steel giant currently holds a dominant 83.28% stake in PSL, comprising 508 crore equity shares. The company's board has greenlighted the tendering of 22,26,36,000 shares at a rate of ₹75.30 per share.
The buy-back arrangement has also received approval from PSL's board, contingent on shareholder consent, which would complete the transaction to strengthen JSW Steel's balance sheet.
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