In the apparent divestment process of Jindal Power Limited (JPL), Jindal Steel Power Limited (JSPL) has received a revised bid of Rs 7401 crore from Worldone Private Limiter, the company said in a filing as a press statement to the exchanges on Sunday.

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According to the company’s filing, “JSPL has successfully negotiated a revised and improved binding offer (Revised Offer) from Worldone accommodating all of the investor feedback received by the company after various rounds of discussions and negotiations.”

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In the revised offer, 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 Rs 3,015 crore will be payable by cash and the balance Rs 4,386 crore (approx) will be by way of assumption and takeover of liabilities and obligations of JSPL, the company said in a statement. 

It further stated, the revised offer is now simple and straightforward with 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.

The company said it 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 Cr as the base offer. 

The transparent bidding process will be advertised in the public domain and will present an equal opportunity for interested bidders to come forward and improve or better the present revised offer of Rs. 7401 crores, it further added.

Jindal Steel Power Limited SPL is an industrial powerhouse with a dominant presence in steel, power, mining, and infrastructure sectors. Having an investment of $ 11 billion USD across the globe, the company is continuously scaling its capacity utilizations and efficiencies to capture opportunities.

The company said, it prides itself in putting minority shareholder interests at the forefront of its decision-making process and decided to launch an additional transparent competitive bidding process for the proposed stake sale of JPL.