Jindal Stainless moves up on getting nod to acquire 54% equity stake in Chromeni Steels
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Jindal Stainless is currently trading at Rs. 711.50, up by 4.60 points or 0.65% from its previous closing of Rs. 706.90 on the BSE.
The scrip opened at Rs. 723.10 and has touched a high and low of Rs. 730.75 and Rs. 707.40 respectively. So far 52060 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 747.90 on 24-Apr-2024 and a 52 week low of Rs. 270.55 on 15-May-2023.
Last one week high and low of the scrip stood at Rs. 741.35 and Rs. 691.95 respectively. The current market cap of the company is Rs. 58484.44 crore.
The promoters holding in the company stood at 60.49%, while Institutions and Non-Institutions held 27.45% and 12.05% respectively.
Jindal Stainless has received the board’s approval to acquire 54% equity stake in Chromeni Steels (CSPL) which owns a 0.6 MTPA cold rolling mill located in Mundra, Gujarat, through a structured indirect acquisition deal. The acquisition of CSPL will enable the Company to increase its cold rolled capacity in its product mix which will strengthen the Company’s presence in the value-added segment in the long term.
The transactions entail an outlay of around Rs 1,340 crore comprising takeover of existing debt of around Rs 1,295 crore and balance of around Rs 45 crore towards equity purchase of CSPL.
The company will acquire a 54% equity stake in CSPL through acquisition of 100% equity stake of Evergreat International Investment, Singapore (EIPL). Post-acquisition, CSPL will become a step down subsidiary of the Company.
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.
