Jindal Stainless board has approved the acquisition of the remaining 46 per cent stake in Chromeni Steels Private Limited (CSPL) for a cash consideration of ₹277.90 crore.
It includes a payment of ₹188.19 crore towards equity purchase and ₹89.71 crore towards CSPL’s debt.
CSPL will become a wholly-owned subsidiary of the company effective June 14, 2024, as per the stock exchange filing.
JSL has stated that the acquisition will help achieve better control, uniformity of policies and greater synergies between the two companies.
Shares of JSL traded at ₹822.05 on the NSE, up 0.72 per cent as of 12.33 pm. The stock hit a 52-week high on the NSE yesterday at ₹841.