JSPL shareholders okay 96.42% stake sale in Jindal Power for Rs 7,401 cr

At the company's EGM held electronically on Friday, 97.12% of Jindal Steel shareholders via special resolution approved divestment of the firm's power business

Jindal Steel & Power (JSPL) on Friday received shareholder approval for divestment of the entire holding of the company in its subsidiary Jindal Power Ltd.

At the company’s extraordinary general meeting (EGM) held electronically today, 97.12 per cent of Jindal Steel shareholders via special resolution approved divestment of the company’s power business.

In April, Naveen Jindal-led Jindal Steel & Power (JSPL) had sought shareholders’ approval to sell 96.42 per cent of shares of Jindal Power Ltd to Worldone Pvt Ltd, a company owned by promoter group Jindal family.

Worldone will now buy out all the equity shares and redeemable preference