Shares of Jindal Steel and Power (JSPL) jumped 3 per cent to hit a fresh 52-week high of Rs 455.95 on the BSE after the company board approved divesting entire equity interest in subsidiary Jindal Power to Worldone, a promoter group company, for Rs 3,015 crore.
The board of directors of JSPL has approved the divestment of its entire equity interest (representing 96.42 per cent of the issued and paid-up capital) in Jindal Power (JPL) by way of sale of shares, to Worldone, a promoter group company and a related party to the company, JSPL said in a regulatory filing.
The equity value is an all-cash offer of Rs 3,015 crore, including 3,400 MW coal fired power plants in Chhattisgarh and other non-core assets owned by JPL.