MUMBAI: Jindal Power and Steel (JSPL) on Tuesday said its board has approved divesting its entire equity interest in Jindal Power to Worldone, a promoter group company, for Rs3,015 crore. The proposed sale is subject to necessary approvals of shareholders of the company, regulatory clearances, go-ahead from lenders of the company, and Jindal Power. "Long stop date for completion of the proposed sale is 12 months which maybe mutually extended by the parties thereto, failing which the proposed sale shall terminate," JSPL said. The share purchase agreement with the Worldone and Jindal Power captures the entire understanding between the parties in relation to sale of shares held by the company. The company's board also approved entering into a loan agreement with Jindal Power to convert the existing capital advances and inter-corporate deposits availed by JSPL from Jindal Power aggregating to Rs4,386.28 crore into an unsecured loan.

Source: Mint April 27, 2021 05:26 UTC