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Board of JSW Steel approves strategic investment of Rs 750 cr in JSW Paints

Capital Market 

At meeting held on 23 July 2021

The Board of JSW Steel at its meeting held on 23 July 2021 has approved to make a strategic investment of approximately Rs 750 crore in JSW Paints in 3-4 tranches between FY 2021-22 to FY 2024-25 (Strategic Investment).

In the first tranche of the Strategic Investment, the Company shall invest Rs 299.99 crore and subscribe to equity shares equivalent to approximately 7.5% of the issued and paid-up equity capital of JSW Paints and 6.88% on a fully diluted basis, by end of Q2 of FY 2021-22.

In furtherance of the same, the Company has entered into a Share Subscription Agreement with JSW Paints on 23 July 2021 to record the terms of the Strategic Investment, including the terms on which the Company shall acquire equity shares equivalent to approximately 7.5% of the issued and paid-up equity capital of JSW Paints and 6.88% on a fully diluted basis, in the first tranche of the Strategic Investment, and the rights and obligations of the Company and JSW Paints.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, July 23 2021. 16:19 IST
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