JSW Infrastructure promoter entity launches Rs 1,200 crore block deal 

JSW

JSW Infrastructure promoter group entity Sajjan Jindal Family Trust ( through its trustees Sajjan Jindal and Sangita Jindal) has launched a block deal worth around Rs 1,200 crore to sell part stake up to 2 per cent at a floor price of Rs 288/share, multiple industry sources told Moneycontrol.

An email query sent to a JSW Group spokesperson remained unanswered at the time of publishing this article.

On May 13, Moneycontrol had first reported the part stake dilution plans. The report had added that investment bank Jefferies had been roped in as an advisor and the block deal route was likely.

The promoter entity was planning to sell certain equity shares of the firm to comply with market regulator Sebi's minimum public shareholding ( MPS) norms, according to a recent disclosure by the port operator and logistics player.

"Sajjan Jindal Family Trust intends to sell up to a maximum of 2 per cent stake in a single tranche or multiple tranches, in the open market, over a period beginning from May 13, 2025 or onwards till March 31, 2026, subject to any other permissible methods of meeting minimum public shareholding in terms of the applicable law, " according to the disclosure on May 9.

As per exchange data, Sajjan Jindal Family Trust holds 80.72 per cent stake. The total promoter stake stands at 85.62 per cent.

JSW Infrastructure listed on the stock exchanges on October 3, 2023 and under the Sebi norms, all listed companies must maintain a minimum public shareholding of 25 per cent within a specified window post listing and newly listed firms are generally granted three years.

JSW Infra is the second largest private port operator in India with 177 mtpa capacity and intends to scale up the logistics business to achieve a topline of Rs 8,000 crore by FY30.