JSW Steel moves higher on completing Rs 750 crore investment in JSW Paints
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JSW Steel is currently trading at Rs. 783.80, up by 8.25 points or 1.06% from its previous closing of Rs. 775.55 on the BSE.
The scrip opened at Rs. 777.05 and has touched a high and low of Rs. 785.85 and Rs. 776.35 respectively. So far 29180 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 840.00 on 12-Sep-2023 and a 52 week low of Rs. 649.75 on 16-Mar-2023.
Last one week high and low of the scrip stood at Rs. 785.85 and Rs. 760.55 respectively. The current market cap of the company is Rs. 190488.64 crore.
The promoters holding in the company stood at 44.80%, while Institutions and Non-Institutions held 36.15% and 19.05% respectively.
JSW Steel has completed the Rs 750 crore investment in JSW Paints. With the last tranche of investment of Rs 74,99,99,903, the company has completed making the entire investment of Rs 750 crore in JSW Paints and has been intimated by JSW Paints 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 per cent of the issued and paid-up equity capital of JSW Paints (11.85 per cent on a fully diluted basis). On July 23, 2021, the JSW Steel board approved to make a strategic investment of Rs 750 crore in JSW Paints in 3-4 tranches between FY 2021-22 and FY 2024-25.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
