JSPL to launch bidding process for JPL divestment
In effect, the Revised Offer is now simple and straight forward where there will be no continuing financial linkage between JSPL and JPL post the divestment
Jindal Steel & Power’s Mauritius arm has sold 4,86,999 shares, representing 48.99 per cent of the share capital of Jindal Shadeed Iron and Steel LLC Oman (JSIS Oman) to Vulcan Steel, a Mauritius-based subsidiary of Templar Investment Ltd.
In a regulatory filing issued on Wednesday, Jindal Steel and Power (JSPL) said that this is the first tranche of the sale and the company aims to complete the entire sale within the specified time. In June JSPL had said that it would sell its entire stake in its Oman asset for an enterprise value of over $1 billion to Templar Investment.
“We wish to inform you that Jindal Steel & Power (Mauritius) Limited (“JSPML”), wholly owned subsidiary, has sold 4,86,999 shares, representing 48.99% of the share capital of JSIS Oman, to Vulcan Steel, a Mauritius based private limited company, a subsidiary of Templar Investment Limited in the first tranche,” the filing said.
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The company “is aiming to complete the entire sale within the specified time and terms as per the Shareholder approval (accorded in EGM of the Company, held on July 28, 2020),” the filing added.
JSPL plans to reduce debt and create a healthier balance sheet with the sale of the asset.
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