JSW Steel and JSW Ispat Steel received shareholders’ approval for the scheme of amalgamation and arrangement among JSW Ispat Steel, JSW Building Systems, JSW Steel Coated Products and JSW Steel in the court convened meeting here.
Of the 476,828 shareholders, there were 298 shareholders present on the occasion of which 49 belonged to the promoters group. There were 253 shareholders represented by proxies including three from the promoter group. Of the 223,117,200 floating shares, there were 151,191,712 votes polled, which constituted 67.76 per cent of the total outstanding stocks.
Of the total votes polled, 151,191,681 voted in favour of the merger, accounting for 99.999 per cent. The entire promoter group and public institutional investors favoured the merger.
The number of votes polled against the merger was 31, which were from public investors. Shares of JSW Steel were up four per cent 883, while JSW Ispat was rose four per cent to Rs 12.