Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Stock Report

| More

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

Click here to send ur comments or to

Other Headlines:

MTAR Technologies Ltd receives NADCAP certification for 100% EOU unit

RattanIndia Enterprises launches drones business in wholly owned subsidiary NeoSky India Limited

Hero MotoCorp recognized by Guinness World Record

Surya Roshni Ltd receives order of Rs. 41.22 crore

Narbada Gems and Jewellery Ltd approves renewal of working capital facilities

Gyscoal Alloys Ltd updates on rights issue

Archit Organosys Ltd to expand capacity by 6000 MT per annum

Rajnish Wellness Ltd announces Dava Discount Business Model

KEC International wins New Orders of Rs. 1,157 crores

Torrent Power acquires 156 MW Wind Power Plants from CESC Limited

Rajratan Global Wire Limited receives investment promotion assistance of Rs. 2.82 crore

TCS Recognized as a Leader in ACES Automotive Engineering Services by Everest Group

Deep Energy Resources Ltd arm selected as CBM developer for Jharia CBM Block-I

Infosys Collaborates with ServiceNow to Provide Enterprise-Level Service Management for Manufacturing Customers

₹ 200 Crore Base Issue Size of Public Issue of NCDs by Indiabulls Housing Finance Limited Oversubscribed 4.04x Times

Steel Strips Wheels Limited receives approval for resolution plan for AMW Autocomponent Ltd

KIOCL Ltd shuts down pellet plant

Garware Hi-Tech Films Ltd Bags Silver at India Green Manufacturing Challenge Award 2020-21

HCL Technologies and Lendico, an ING Germany Company, Join Forces in Building Solutions for SMEs

Happiest Minds wins two awards at Asiamoney Asia's Outstanding Companies Poll 2021

Chalet Hotels Ltd. becomes first hospitality company globally to join Climate Group's RE100, EP100 and EV100 initiatives

Atishay Limited appointed partner for Providing Door to Door Public Service Delivery to the Citizens

Lincoln Pharmaceuticals Ltd acquires a plant in Mehsana, Gujarat, plans to launch Cephalosporin products soon

Tata Motors to increase prices of its commercial vehicles from 1st October 2021

Cyient Joins TM Forum to collaborate with global CSPs to drive digital transformation in the Communications industry

BLS International selected as National Business Correspondent for India's largest bank, State Bank of India

Clean Science and Technology Ltd to acquire immovable property for Rs. 32.01 crores

Godrej Industries Ltd to issue NCDs for Rs. 750 crore

HDFC announces festive home loan offer with rates at 6.70%

Fineotex Products now ECO PASSPORT certified by OEKO-TEX®, audit conducted by Hohenstein, Germany

L&T Hydrocarbon Engineering bags significant orders from GAIL, Air Products Middle East Industrial Gases LLC

Hon'ble High Court of Delhi passes an order in favour of EaseMyTrip regarding unsolicited messages

Sterling and Wilson Solar Limited commissions 66 MWp solar energy project in Jordan

RattanIndia Enterprises appoints Mr. Peeyush Kumar as Head for their Drone business

Glenmark Pharmaceuticals receives ANDA approval for Clindamycin Phosphate Foam, 1%

PDS Multinational Fashions Limited appoints Raamann Ahuja as Group Chief Human Resources Officer

Mr. Sumit Kumar Shaw resigns from Websol Energy System Ltd

K P Energy Ltd receives LOI aggregating Rs. 119.73 crores

Gensol Engineering Ltd acquires 51.68% stake in Solarig Gensol Utilities Pvt Ltd

Action Construction Equipment Ltd fixes floor price for QIP as Rs. 254.55

HCL Technologies to Drive Digital Speed, Transformation for MKS Instruments

Choice International Ltd secures IRDAI nod for stake acquisition

SoftSol India Limited to consider loan of $5 mn to subsidiary

Firstsource awarded IIP 'We invest in people' Gold accreditation for the second time in a row

TCS' Quartz™ Named a Leading Crypto Player in Transaction Banking and Payments by Celent

Ind-Ra revises outlook on IVP Limited

Apollo Tricoat Tubes Ltd board allots 3,04,00,000 bonus equity shares

Indian Sucrose Ltd board approves expansion projects

R & B Denims Limited to participate in Cairo Fashion & Tex Fair, 2021

Zydus Healthcare Limited to sell two brands Mifegest and Cytolog

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020