Jindal Stainless to divest entire 26% stake in Jindal Coke by September

New Delhi: Jindal Stainless on Wednesday said it aims to complete divestment of its entire 26 per cent stake in Jindal Coke by September this year.

In the first tranche, the company has offloaded 4.87 per cent shares in Jindal Coke for over Rs 36.49 crore. These shares were picked up by JSL Overseas at the same price, according to a regulatory filing.

At the same time, Jindal Stainless has acquired a majority stake in Spanish entity lberjindal.

In January, the board of the company gave in-principle approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based in Spain, and divest 26 per cent equity stake held in its associate company Jindal Coke Ltd (JCL).

Jindal Stainless Ltd (JSL) executed a share purchase agreement with JSL Overseas Ltd (JOL) on March 26, 2024, for the sale of a 4.87 per cent equity stake in JCL, the company said in the filing.

"The company has transferred 15,80,000...equity shares of the face value of Rs 10 each at a price of Rs 231 per equity share for a consideration of Rs 36,49,80,000 to JOL," it said.

The transaction is expected to be completed on or before September 30, 2024, JSL said.

As on March 31, 2023, the turnover of JCL was Rs 1,993 crore.

Further, JSL said that "on April 2, 2024, it acquired an entire stake of Fagor Industrial, S.Coop. (Fagor), the JV partner in lberjindal, constituting 3,00,000...shares of face value of euro 1 each at a price of euro 0.1 per share, representing 30 per cent of the paid-up share capital in lberjindal.

The company is also in process to acquire the remaining 5 per cent stake held by other minority shareholders.