JSW Steel completes ₹750 crore strategic investment in JSW Paints to fuel expansion plans
₹750 crore of investment in JSW Paints. The investment was planned to be made in 3-4 instalments to fuel JSW Paints' expansion plans.
The flagship company of JSW Group, had announced to invest ₹750 crore in JSW Paints in July 2021. The company had invested ₹300 crore in JSW Paints.
“We would now like to inform you that with the last tranche of investment of INR 74,99,99,903 made on November 22, 2023, the Company has completed making the entire investment of INR 750,00,00,000 in JSW Paints and has been intimated by JSW Paints today that it has on November 22, 2023," said the company in its stock filing on Thursday. With the final payment of ₹75 crore, JSW Steel now holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid-up equity capital of JSW Paints.
“Post this allotment, the Company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid-up equity capital of JSW Paints (11.85% on a fully diluted basis)," said the company in its stock filing. This is for your information and in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
JSW Steel shares closed marginally higher at ₹775.55 per share on BSE on Thursday. Milestone Alert!
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