MUMBAI, May 4: Shares of Jindal Steel & Power today rose by 3.55 per cent after JSW Energy said it will acquire JSPL’s 1,000 MW power plant in Chhattisgarh for Rs 6,500 crore.
The stock climbed 3.55 per cent to Rs 71.45 on BSE.
At NSE, it gained 3.55 per cent to Rs 71.40.
Shares of JSW Energy also went up 2.1 per cent to Rs 68 on BSE.
Sajjan Jindal-led JSW Energy today said it will acquire JSPL’s 1,000 MW power plant in Raigarh, Chhattisgarh for Rs 6,500 crore with certain pre-arranged conditions.
The move will help the Naveen Jindal-led steel-to-power group pare debt burden. The consolidated debt of JSPL is around Rs 46,000 crore.
The deal, which was inked yesterday, is expected to be completed by June 30, 2018.
However, the enterprise value of the deal is Rs 4,000 crore plus net current assets and “which will be increased to Rs 6,500 crore plus net current assets, if certain pre-arranged conditions regarding fuel security and power off take are satisfied,” JSW Energy said in a statement. (PTI)
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