JSPL to launch bidding process for JPL divestment
By
IANS
|
0 Views
Steel Industry.. Image Source: IANS News
New Delhi, July 25 : Jindal Steel and Power Limited (JSPL) has decided to launch an additional transparent competitive bidding process for the proposed stake sale of its subsidiary Jindal Power Limited (JPL).
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 of the investor feedback received by the Company.
The key highlights of the revised Offer are that Worldone will 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 of which (i) Rs 3,015 crore will be payable by cash, and (ii) the balance Rs 4,386 crore (approximately) will be 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.