SEBI approves JSW Steel’s open price offer

SEBI approves JSW Steel’s open price offer

JSW Steel has revised its open price offer of Rs 20.54 per share to Rs 22.25 per share to acquire 20% additional stake in the Ispat Industries. On March 17, JSW Steel has offered to acquire up to 64.72 crore shares on the approval of SEBI. The company has scheduled April 5 as the last date for the offer.

The company has decided to offer the revised price offer when its open offer for Ispat Industries is in progress. As per regulatory filing, the offer will open on March 17 and will close on April 5.

With this new offer, JSW will shell out Rs 1,440.11 crore to acquire 20% additional stake in Ispat Industries.

Last year, JSW under Sajjan Jindal acquired 41.29% stake in Ispat for Rs 2157 crore but in the current year company with its open offer wants to acquire another 20% stake in Ispat Industries. This deal has made JSW to become number one in terms of capacity, by defeating Tata Steel.

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