AdvertisementDELHI (Metro Rail News): JSPL said on Saturday that its board of directors has approved Worldone Private Limited’s revised offer of Rs 7,401 crore for the sale of its subsidiary business Jindal Power Ltd.On July 25, JSPL reported that it has received a revised offer of Rs 7,401 crore from Worldone Private Limited to buy 96.42 percent of Jindal Power Ltd. (JPL). Jindal Steel and Power Limited’s Board accepted the revised binding offer from Worldone Private Limited (acquirer) to divest its 96.42 per cent stake in Jindal Power Limited (JPL), a material subsidiary of JSPL, the company informed. The deal will also entail debt associated with JPL (of Rs 6,566 crores approx as of December 31, 2020) moving out of JSPL’s consolidated books, thereby, strengtheningJSPL’s balance sheet said. As announced earlier, JSPL through an independent transaction advisor (Grant Thornton Advisory Pvt. Ltd.) had undertaken an additional competitive and publicly held bidding process for the sale of its entire stake in JPL, in order to maximize the value for its shareholders.

Source: MetroXpress August 10, 2021 10:15 UTC