The deal will be a share-swap arrangement that will see GEPIL demerge its boiler manufacturing facility in Durgapur to JSW Energy, and the JSW entity will issue 10 equity shares for every 139 shares held by GEPIL shareholders.
Founder Chaudhry’s family maintains about 18 per cent in AESL and Blackstone the remaining 12 per cent. The deal envisaged AESL merging with TLPL as it was more tax efficient for the seller Chaudhrys.