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Jindal Stainless plans to divest its entire 26% ownership in Jindal Coke by September of this year. The company sold 4.87% of its Jindal Coke shares for ₹36.49 crore in the first tranche. According to a regulatory filing, these shares were purchased by JSL Overseas at the same price.
Concurrently, Jindal Stainless has purchased the bulk of the Spanish company lberjindal.
In January, the company's board approved in principle the purchase of up to 100% of Iberjindal S.L., a Spanish subsidiary company, and the sale of the 26% equity holding it had held in Jindal Coke Ltd., an associate company.
Jindal Stainless Ltd (JSL) executed a share purchase agreement with JSL Overseas Ltd (JOL) on March 26, 2024, for the sale of a 4.87% equity stake in JCL, the company said in the filing.
"The company has transferred 15,80,000...equity shares of the face value of Rs 10 each at a price of ₹231 per equity share for a consideration of ₹36,49,80,000 to JOL," it said.
The transaction is expected to be completed on or before September 30, 2024, JSL said. As of March 31, 2023, the turnover of JCL was ₹1,993 crore. The company is also in the process of acquiring the remaining 5% stake held by other minority shareholders.
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