Sajjan Jindal-led JSW Steel on Thursday (November 23) said the company has successfully completed its approved strategic investment of ₹750 crore in JSW Paints Private Ltd.
The Board of Directors had greenlit this investment in a meeting on July 23, 2021, outlining a phased investment plan from FY22 to FY25, JSW Steel said in a regulatory filing
In the first tranche, JSW Steel invested ₹299,99,99,775, acquiring approximately 7.5% of the issued and paid-up equity capital of JSW Paints and 6.88% on a fully diluted basis by the end of Q2 of FY22.
It has adhered to its investment plan, with the last tranche of ₹74,99,99,903 injected on November 22, 2023, the company said.
JSW Steel received confirmation from JSW Paints that the strategic investment allotment process was completed on the same day.
Following this final tranche, JSW Steel now holds 2,94,82,565 equity shares in JSW Paints, translating to a robust 12.84% of the issued and paid-up equity capital (11.85% on a fully diluted basis).
Shares of JSW Steel Ltd ended at ₹776.40, up by ₹8.10, or 1.05%, on the BSE.
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