JSW Steel acquires Dolvi Minerals and Metals

JSW Steel ('JSWSL') has acquired an aggregate of 60.004% (Sixty point zero zero four percent) of the share capital of Dolvi Minerals and Metals ("DMMPL"), a company engaged in the business of acting as traders, whole-sellers and retailers in all forms of metallic and non-metallic minerals, which includes coal and lignite, coal products and iron steel products, from the existing investor(s) of DMMPL.

JSWSL currently holds 39.996% of the share capital of DMMPL and has executed: (i) a share purchase agreement dated 23 October 2018 with Axis Bank for acquisition of 1,00,00,000 (one crore) equity shares of DMMPL aggregating to 9.999% of the issued and paid-up equity share capital of DMMPL; (ii) a share purchase agreement dated 23 October 2018 with Enam Securities for acquisition of 3,05,00,000 equity shares of DMMPL aggregating to 30.497% of the issued and paid-up equity share capital of DMMPL; (iii) a share purchase agreement dated 23 October 2018 with Standard Chartered Private Equity (Mauritius) II Limited for acquisition of 1,95,00,000 equity shares of DMMPL aggregating to 19.498% of the issued and paid up equity share capital of DMMPL; and purchased 10,000 equity shares of DMMPL aggregating to approximately 0.01% from other small equity holders.

Pursuant to the acquisition of shares of DMMPL (as set out above), DMMPL has become a wholly owned subsidiary of JSWSL, wherein JSWSL and its nominees hold 100% of the issued and paid-up equity share capital of DMMPL.

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