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Jindal Steel and Power (JSPL) has deferred the company's AGM wherein it was going to decide on the divestment of its wholly-owned subsidiary Jindal Power Ltd (JPL) to its promoter family. Investors have pushed back the move and JSPL may revise the deal, sources told BusinessLine . The meeting was scheduled on May 24 but the new date has not been announced yet.
According to Chennai-based shareholder advisory firm Ingovern, the enterprise value of JPL is in the range of ₹10,000-12,000 crore but the promoters want to take control of 96.42 per cent of the company for just ₹3,015 crore. Also, few brokerages have downgraded the stock citing the lopsided deal.
However, JSPL has said that the Ingovern report has presented an incorrect picture of the deal.
Hence, Ingovern has asked JSPL shareholders to reject the divestment proposal.
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