PTI reported that JSW Steel said that it has got shareholders nod to issue over 970,000 equity shares on a preferential basis to Japanese steel-maker JFE Steel.

With the approval, the stake of the Japanese steel maker in the Indian company will go up to 14.99%.

The move is in line with the deal inked between the two steel firms earlier this year, under which JFE Steel will pick up a 14.99% stake in JSW Steel for INR 4,800 crore.

In October, JFE had acquired 3.2 million shares, about a 14.61% stake, in JSW Steel through the conversion of convertible debentures on a preferential basis.

(Sourced from PTI)