JSW Steel Ltd updates on acquisition of business from Welspun Corp Ltd

JSW Steel Limited had earlier announced about the acquisition from Welspun Corp Limited ("Welspun"), on a slump sale basis, the business of manufacturing of high-grade steel plates and coils, and that the consideration shall be paid on a deferred basis.

An amount of INR 225,00,00,000/- (Rupees Two Hundred and Twenty Five Crores only) has been paid to Welspun as on April 30, 2021. The balance consideration, which is subject to closing adjustments towards net working capital, shall be paid on a deferred basis, subject to Welspun fulfilling certain regulatory approvals and payment milestones as provided under the Business Transfer Agreement dated March 31, 2019, as amended from time to time.

Shares of JSW STEEL LTD. was last trading in BSE at Rs.717.55 as compared to the previous close of Rs. 726.85. The total number of shares traded during the day was 1722614 in over 28187 trades.

The stock hit an intraday high of Rs. 740 and intraday low of 711.4. The net turnover during the day was Rs. 1246772151.

Source : Equity Bulls

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