JSPL Accepts Revised Offer from Worldone for Jindal Power
Jindal Power JIPT

JSPL Accepts Revised Offer from Worldone for Jindal Power

Jindal Steel & Power Limited’s Board has accepted the revised binding offer from Worldone Private Limited, to divest its 96.42% stake in

Jindal Steel & Power Limited’s Board has accepted the revised binding offer from Worldone Private Limited, to divest its 96.42% stake in Jindal Power Limited, a material subsidiary of Jindal Steel and Power Limited. AKey features of the Revised Offer are that Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL for a total consideration of approximately INR 7,401 crore of which

INR 3,015 crore will payable by cash

Balance INR 4,386 crore will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances paid by JPL to JSPL

The deal will also entail debt associated with JPL (of INR 6,566 crores approx, as on December 31, 2020) moving out of JSPL's consolidated books, thereby, strengthening JSPL’s balance sheet

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