Jindal Stainless trades in green on getting nod to acquire 74% stake in Jindal United Steel
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Jindal Stainless is currently trading at Rs. 116.00, up by 0.40 points or 0.35% from its previous closing of Rs. 115.60 on the BSE.
The scrip opened at Rs. 116.00 and has touched a high and low of Rs. 116.35 and Rs. 112.85 respectively. So far 76999 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 224.60 on 08-Feb-2022 and a 52 week low of Rs. 95.05 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 123.55 and Rs. 112.85 respectively. The current market cap of the company is Rs. 6111.51 crore.
The promoters holding in the company stood at 70.10%, while Institutions and Non-Institutions held 19.63% and 10.10% respectively.
Jindal Stainless has received approval for acquisition of 34,15,89,879 equity shares comprising 74% of the paid-up equity share capital of Jindal United Steel (JUSL). Post the acquisition, Jindal United Steel will become wholly owned subsidiary of the Company. The board of directors of Jindal Stainless at its meeting held July 25, 2022, inter-alia, considered and approved the same. The proposed acquisition shall be made at an aggregating consideration of Rs 958 crore.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
