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Jindal Steel Ltd. — Capital/Financing Update 2021
Aug 8, 2021
14959_rns_2021-08-08_93f71938-e858-44bd-8e68-a2f232ef208f.pdf
Capital/Financing Update
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August 07, 2021
BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5[th] Floor, 1[st] Floor, New Trading Ring, Plot No. C/1, G Block Rotunda Building, P J Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 [email protected] [email protected] Scrip Code : 532286 Symbol : JINDALSTEL
Subject: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Press Release
In terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith, a copy of press release to be issued by the Company on the following subject:
“Update on Jindal Power Limited (JPL) divestment”
Thanking you.
Yours faithfully, For Jindal Steel & Power Limited
Anoop Singh Juneja Company Secretary & Compliance Officer
Encl.: as above
Jindal Steel & Power Limited Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi 110 066 CIN: L27105HR1979PLC009913 T: +91 11 4146 2000 F: +91 11 2616 1271 W: www.jindalsteelpower.com E: [email protected] Registered Office: O. P. Jindal Marg, Hisar, 125 005, Haryana
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Press Release
Update on Jindal Power Limited (JPL) divestment
New Delhi, 7 August 2021: Jindal Steel & Power Limited’s Board has accepted the Revised binding offer from Worldone Private Limited ("Acquirer") , to divest its 96.42% stake in Jindal Power Limited ("JPL"), a material subsidiary of Jindal Steel and Power Limited (“JSPL”). As highlighted in our notice dated 24 July 2021, key features of the Revised Offer are that Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL for a total consideration of approximately INR 7,401 Cr of which (i) INR 3,015 crore will payable by cash, and (ii) the balance INR 4,386 Cr (approximately) will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances paid by JPL to JSPL. The deal will also entail debt associated with JPL (of INR 6,566 crores approx. as on December 31, 2020) moving out of JSPL’s consolidated books, thereby, strengthening JSPL’s balance sheet.
As announced earlier, JSPL through independent transaction advisor (Grant Thornton Advisory Pvt. Ltd.) had undertaken an additional competitive & publicly held bidding process for the sale of its entire stake in JPL, in order to maximize the value for our shareholders. Advertisement for inviting Expression of Interest (EOI) from domestic and international bidders was published in the leading daily newspapers, however, JSPL did not receive even a single Expression of Interest (EOI), and therefore, the Revised Offer from Worldone was ipso facto selected as the winning bid by JSPL’s Board.
The divestment of JPL is in line with JSPL’s strategic objective to focus on its India Steel business, become a Net Debt Free company and significantly reduce its carbon footprint by almost half as part of its broader ESG objectives.
About JSPL
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors. Having an investment of $ 11 billion USD across the globe, the company is continuously scaling its capacity utilizations and efficiencies to capture opportunities for building a self-reliant India.
Jindal Steel & Power Limited Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi 110 066 CIN: L27105HR1979PLC009913 T: +91 11 4146 2000 F: +91 11 2616 1271 W: www.jindalsteelpower.com E: [email protected] Registered Office: O. P. Jindal Marg, Hisar, 125 005, Haryana
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About Worldone Private Limited
Incorporated in India in 1999, Worldone Private Limited is a private company owned by the Promoter Group, and managing & holding investments across various listed and unlisted companies.
For further information, please contact:
Kuldeep Singh , Corporate Communication, at +91 9899692981;
Sudeep Purkayastha, Corporate Communication, at +91 9899441119;
Jindal Steel & Power Limited
Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi 110 066 CIN: L27105HR1979PLC009913 T: +91 11 4146 2000 F: +91 11 2616 1271 W: www.jindalsteelpower.com E: [email protected] Registered Office: O. P. Jindal Marg, Hisar, 125 005, Haryana