JSW Steel informed that pursuant to subscription and shareholders agreement between the Company, JSW Shipping & Logistics (JSLPL) and Piombino Steel (PSL), JSLPL converted the optionally convertible debentures held by JSLPL in PSL into equity shares of PSL on 27 March 2021.
Pursuant to the conversion, JSLPL holds 51% equity in PSL and the Company holds 49% equity in PSL.
JSLPL and the Company will jointly control and manage BPSL through PSL.
The Company continues to hold the optionally convertible instruments (convertible to equity shares at par) issued to the Company by PSL.
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