JSPL on Sunday has announced that it has received a revised offer of Rs 7,401 crore from Worldone Private Limited for divestment of its subsidiary company Jindal Power Limiter (JPL).
Jindal Steel and Power Limited (JSPL) had earlier announced accepting a Rs 3,015-crore offer from Worldone Private Limited to divest 96.42 per cent stake it holds in the subsidiary company JPL. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt and carbon emissions and focus on steel business.
“After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone accommodating all investor feedback received by the company. Worldone will (now) buy out all the equity shares and redeemable preference shares of JPL held by JSPL for a total consideration of approximately Rs 7,401 crore,” JSPL said in a statement.
The company informed that out of Rs 7,401 crore, Rs 3,015 crore will be paid cash, while the balance Rs 4,386 crore will be settled by “way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL”.