Jindal Stainless moves up on acquiring additional 30% stake in lberjindal
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Jindal Stainless is currently trading at Rs. 708.80, up by 1.15 points or 0.16% from its previous closing of Rs. 707.65 on the BSE.
The scrip opened at Rs. 706.20 and has touched a high and low of Rs. 710.70 and Rs. 700.55 respectively. So far 19532 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 728.15 on 02-Apr-2024 and a 52 week low of Rs. 255.00 on 13-Apr-2023.
Last one week high and low of the scrip stood at Rs. 728.15 and Rs. 681.80 respectively. The current market cap of the company is Rs. 58142.72 crore.
The promoters holding in the company stood at 58.69%, while Institutions and Non-Institutions held 28.37% and 12.95% respectively.
Jindal Stainless is all set to acquire 100% stake in lberjindal S.L. (lberjindal). In this regard, the company has acquired entire stake of Fagor Industrial, S.Coop. (Fagor), the JV Partner in lberjindal, constituting 3,00,000 number of shares of face value of Euro 1 each at a price of Euro 0.1 per share, representing 30% of the paid-up share capital in lberjindal. With this acquisition of additional, 3,00,000 number of shares, representing 30% of the paid-up share capital, the total stake of the Company in lberjindal has been increased to 95%.
Further, the company is also pursuing to acquire the balance 5% stake held by other minority shareholder. The completion date for the acquisition of the balance stake is anticipated to be on or before September 30, 2024.
Jindal Stainless (JSL) is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
