The release of 11.88 crore of JSW Energy shares accounts for 7.24 per cent of paid-up capital of the company.
With the takeover delayed, JSW Steel will hope that business environment picks up, thereby making the acquisition easier.
An NCLAT bench headed by Chairman Justice S J Mukhopadhyaya slammed the ED, saying that Insolvency and Bankruptcy Code (IBC) would fail if the agency functions like this and directed it to file a reply in the next two days, along with CBI.
Since September 20, most stocks on the BSE 500 index have shed their gains on corporate default fears, PMC crisis and Q2 earnings
Net Sales are expected to decrease by 15.3 percent Y-o-Y (down 7.9 percent Q-o-Q) to Rs. 18,244.7 crore, according to ICICI Direct.
Since the past few quarters, the steel sector has been hit badly due to the slowdown in real estate, auto and infrastructure sectors.
The funds will be used to refinance existing loans and for some other corporate needs, said a senior executive from the industry.
JSW's joint MD Seshagiri Rao said that India's imports from FTA partners rose 77% (in the current fiscal).
JSW Steel has reportedly selected 11 banks as the bookrunners for the transaction.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 15.5 points gain or 0.14 percent. Nifty futures were trading around 10,720-level on the Singaporean Exchange.
A three-member NCLAT bench headed by chairperson Justice S J Mukhopadhaya Monday directed impleading the Ministry of Corporate Affairs, the CBI and the Enforcement Directorate as party in the matter. The next hearing would be on October 14.
Profits earned when insolvency proceedings are underway should belong to financial creditors is one view but acquirers will object as this upsets their calculations
The appeal is against the earlier NCLT order
Talks come as JSW Steel is unhappy with the takeover terms cleared by the NCLT. Banks tried to better the final terms for JSW, which had made two key demands, but were rejected by NCLT.
About 23 companies, or nearly 50%, of the Nifty50 universe is trading at a discount to their 10-year P/E multiple, data from Motilal Oswal and AceEquity showed
The NCLT has approved JSW Steel’s bid to acquire Bhushan Power at a time when the steel industry is passing through a difficult phase
The metal sector is about to turn oversold and we could see beginning of value buying or contra buying at the current or little lower levels.
The port said that the terminal's loading capacity had doubled to 50-55 million tonnes per year thanks to the introduction of the line.
The BJP while in opposition had opposed the move and even had staged protest against the then government's decision.
If the slump continues, steelmakers may cut production in this quarter, or the next, says Jt MD & Group CFO Seshagiri Rao.
The bidding for Odisha iron ore mines will be conducted in two phases, with the first this month and the second in September, and eight mines are expected to auctioned in the August round.
Moneycontrol's Sakshi Batra does a 3 point analysis of JSW's Q1 earnings.