JSPL board okays divestment in Jindal Power to Worldone for ₹3,015 cr
April 27, 2021
Worldone was selected by way of an elaborate bidding process
Jindal Steel & Power Ltd (JSPL) on Tuesday said it will sell its 96.42 per cent stake in electricity-generation subsidiary Jindal Power Ltd for ₹3,015 crores.
The buyer, Worldone Private Ltd is a private company owned by JSPL chairman Naveen Jindal.
The approximate enterprise value for the deal is ₹12,000 crore, according to sources, out of which ₹4,400 crore has been balanced against outstanding debt which the power subsidiary had taken from JSPL. Redeemable preference shares make up another ₹7,000 crore.
“The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India Steel business and significantly reduce its carbon footprint by almost half as part of its ESG objectives,” JSPL said in a statement.
The Government of India (GoI) has announced the Sale (Re-issue) of (i) 3.96% Government Security, 2022 for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) 5.85% Government Security, 2030 for a notified amount of Rs 14,000 crore (nominal) through price based auction, and (iii) 6.76% GS 2061 for a notified amount of Rs 9,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 6,000 crore against above security/securities. The auctions will be conducted by the Reserve Bank of India on April 30, 2021 (Friday) using multiple price method. Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
Updated:
April 26, 2021 11:34 IST
Toshiba dismissed last week a $20 billion buyout offer from CVC Capital Partners as lacking detail
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Bain Capital, KKR & Co Inc and Canada s Brookfield Asset Management are also looking at potential bids for Toshiba, Reuters has reported.
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