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JSPL board okays divestment in Jindal Power to Worldone for Rs 3,015 crore

The board of directors of JSPL has approved the divestment of its entire equity interest (representing 96.42 per cent of the issued and paid up capital) in Jindal Power by way of sale of shares, to Worldone Pvt Ltd, a promoter group company and a related party to the company, JSPL said in a regulatory filing.

April 27, 2021 / 10:51 AM IST

Jindal Power and Steel (JSPL) on Tuesday said its board has approved divesting its entire equity interest in Jindal Power to Worldone, a promoter group company, for Rs 3,015 crore.

The board of directors of JSPL has approved the divestment of its entire equity interest (representing 96.42 per cent of the issued and paid up capital) in Jindal Power by way of sale of shares, to Worldone Pvt Ltd, a promoter group company and a related party to the company, JSPL said in a regulatory filing.

The equity value is an all-cash offer of Rs 3,015 crore, the company added.

JSPL said Worldone was selected by way of an elaborate bidding process run by an independent third-party merchant banker, Grant Thornton Advisory, wherein the acquirer submitted the highest binding bid on acceptable terms and conditions.