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JSW Steel Limited to acquire stake in JSW Paints

Posted On: 2021-07-23 12:56:28 (Time Zone: UTC)


The Board of Directors of JSW Steel Limited had approved to make a strategic investment of approximately INR 750,00,00,000 in JSW Paints Private Limited ("JSW Paints") in 3-4 tranches between FY 2021-22 to FY 2024-25 ("Strategic Investment"). In the first tranche of the Strategic Investment, the Company shall invest INR 299,99,99,775 and subscribe to equity shares equivalent to approximately 7.5% of the issued and paid-up equity capital of JSW Paints and 6.88% on a fully diluted basis, by end of Q2 of FY 2021-22.

In furtherance of the same, the Company has entered into a Share Subscription Agreement with JSW Paints on 23.07.2021 to record the terms of the Strategic Investment, including the terms on which the Company shall acquire equity shares equivalent to approximately 7.5% of the issued and paid-up equity capital of JSW Paints and 6.88% on a fully diluted basis, in the first tranche of the Strategic Investment, and the rights and obligations of the Company and JSW Paints.

JSW Paints is engaged in the business of manufacturing, distribution, sales and services of industrial and decorative paints. It has an automated coil coatings facility at Vasind, Maharashtra and an automated water based decorative paints facility at Vijayanagar, Karnataka. Turnover of JSW Paints was INR 430.48 crores for the financial year ending March 31, 2021.

By way of the Strategic Investment, the Company and JSW Paints shall collaborate towards product development, new technologies, and preferred relationship for supplies in the area of coil coatings. JSW Paints would invest to create incremental capacity for industrial paints as required by the Company.

The investment is part of the Company's strategy to ensure continuous supply of paints at market driven rates, gain a competitive advantage in the coil coating market. In addition, JSW Paints has been able to make inroads into the fast growing and lucrative decorative paints market, which will be value-accretive. Also, many of the paint retailers can be potential retailers for JSW Steel coated products enhancing the retail foot print for steel products.

Shares of JSW STEEL LTD. was last trading in BSE at Rs. 717.4 as compared to the previous close of Rs. 716.7. The total number of shares traded during the day was 501915 in over 12392 trades.

The stock hit an intraday high of Rs. 727.35 and intraday low of 712.05. The net turnover during the day was Rs. 361055706.


Source: Equity Bulls

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