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News Details

Jindal Steel & Power to undertake competitive bidding for JPL divestment

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26/07/2021 11:11
Jindal Steel & Power (JSPL) has decided to launch an additional transparent competitive bidding process for the proposed stake sale of JPL. After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer (Revised Offer) from Worldone accommodating all of the investor feedback received by the Company.

Key highlights of the Revised Offer are that Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL for a total consideration of approximately Rs 7,401 crore of which (i) Rs 3,015 crore will be payable by cash, and (ii) the balance Rs 4,386 crore (approximately) will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL.

In effect, the Revised Offer is now simple and straight forward where there will be no continuing financial linkage between JSPL and JPL post the divestment. This was one of the key asks by JSPL investors during the feedback sessions held earlier and has been addressed comprehensively.

Going above and beyond to protect the interests of its investors, especially its minority shareholders, JSPL has also taken the decision to undertake a competitive bidding process to leave no stone unturned to realize the highest value possible from the JPL stake sale, using the Revised Offer of Rs. 7401 crore as the base offer. The transparent bidding process will be advertised in the public domain and will present an equal opportunity for interested bidders from around the World to come forward and improve or better the present Revised Offer of Rs. 7401 crore.