JSW Holdings seeks shareholders nod for Rs 2500cr transactions

JSW Holdings, the investment arm of the JSW Group, has sought shareholders' nod for financial transactions worth Rs 2,500 crore with various entities, including group firm JSW Steel.
The promoter group entity also approached shareholders for approval to give guarantee, mortgage or pledge, among others, on properties of the company. In this regard, the limit would be up to Rs 2,200 crore.
In a regulatory filing today, JSW Holdings said it has sought nod from the shareholders for both the proposals.
"... Consent of the members is sought for making investments in the securities of other bodies corporates, give loans, guarantees and provide securities for any loan facility to be availed by the other companies not exceeding Rs 2,500 crore," as per the postal ballot notice.

The second proposal pertains to securing the borrowings from time to time of other companies.
According to JSW Holdings, the approval has been sought to authorise its board to "give guarantee/hypothecate/mortgage /pledge and/or create charge in addition to hypothetication/ mortgage/pledge/guarantee and/pr charge already created by the company..."

This is with regard to movable as well as immovable properties of the company as and when there is a need to secure borrowings of other companies, the postal ballot said.
JSW Steel Chairman and Managing Director Sajjan Jindal is also a promoter of JSW Holdings. The latter held more than seven per cent stake in the steel maker at the end of September.

Shares of JSW Holdings rose 1.34 per cent to end at Rs 949.65 apiece while JSW Steel counter fell 2.35 per cent to close at Rs 1,045.15 per share on the BSE.