JSW Steel Ltd completes investment in JSW Paints Pvt Ltd

The Board of Directors of JSW Steel Limited ("the Company") had in its meeting held on July 23, 2021, approved to make a strategic investment of 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") and that in the first tranche of the Strategic Investment, the Company would 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 the end of Q2 of FY 2021-22.

With the last tranche of investment of INR 74,99,99,903 made on November 22, 2023, the Company has completed making the entire investment of INR 750,00,00,000 in JSW Paints and has been intimated by JSW Paints today that it has on November 22, 2023, completed the allotment in respect of the aforesaid strategic investment. Post this allotment, the Company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid-up equity capital of JSW Paints (11.85% on a fully diluted basis).

Shares of JSW Steel Limited was last trading in BSE at Rs. 775.55 as compared to the previous close of Rs. 768.30. The total number of shares traded during the day was 41787 in over 2094 trades.

The stock hit an intraday high of Rs. 776.45 and intraday low of 767.25. The net turnover during the day was Rs. 32290974.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 Investment JSWPaints