Jindal Steel & Power (Mauritius) (JSPML), a wholly owned subsidiary of Jindal Steel & Power, has sold 4,86,999 shares, representing 48.99% of the share capital of JSIS Oman, to Vulcan Steel, a Mauritius-based subsidiary of Templar Investment.
This is the first tranche of the sale, and JSPML aims to complete the entire sale within the specified time, Jindal Steel & Power (JSPL) said in a statement issued during trading hours today (2 September).In June this year, JSPL accepted a binding offer to sell its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) to promoter company Templar Investments. JSIS Oman was held through JSPL's subsidiary Jindal Steel and Power (Mauritius). The enterprise value of the deal is over $1 billion. The divestment is in line with JSPL's vision and commitment to bring down its debt and deleverage its balance sheet.
Templar Investments, Mauritius, is an investment company and part of the promoter group of JSPL.
JSPL reported a consolidated net profit of Rs 267.58 crore in Q1 June 2020 as against net loss of Rs 87.40 crore in Q1 June 2019. Consolidated net sales fell 6.7% year-on-year (YoY) to Rs 9,278.77 crore during the quarter.
Shares of JSPL were down 1.03% to Rs 215.90. JSPL is a steel producer with presence in power generation and mining.
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