JSPL disinvestment in Jindal Power by Mr. Yash Gupta, Angel Broking Ltd

01-01-1970 12:00 AM | Source: Angel Broking Ltd

JSPL disinvestment in Jindal Power by Mr. Yash Gupta, Angel Broking Ltd

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Below are Quote on JSPL disinvestment in Jindal Power by Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd

Jindal steel & power up by 1.5% on positive development of board approval for disinvestment in Jindal power of ₹3015 crores.

Today board of the company has approved the divestment of its entire equity interest representing 96.42% of the issued and paid up capital in Jindal Power Limited a material subsidiary of the Company, by way of sale of shares, to Worldone Private Limited a Promoter Group Company and a related party to the Company. . The equity value is an all-cash offer of ₹3015 crores for 96.42% valuing the company at ₹3127 crores. The Proposed Sale is subject to necessary approvals of shareholders of the Company, regulatory approvals, approvals from lenders of the Companies.

The Board approved the convening of an Extraordinary General Meeting of the shareholders of the Company for seeking their approval for the Proposed Sale, Loan Agreement and other ancillary agreements.

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