JSPL receives revised Rs 7,401-crore provide for arm Jindal Power

JSPL on Sunday introduced it has obtained a revised provide of Rs 7,401 crore from Worldone Private Limited for divestment of its subsidiary firm Jindal Power Limiter (JPL).
Jindal Steel and Power Limited (JSPL) had earlier introduced accepting a Rs 3,015-crore provide from Worldone Private Limited to divest 96.42 per cent stake it holds within the subsidiary firm JPL. The divestment is in keeping with JSPL’s strategic goal to repeatedly cut back its debt and carbon emissions and deal with metal enterprise.
“After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone accommodating all investor feedback received by the company. Worldone will (now) 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,” JSPL stated in a press release.
The firm knowledgeable that out of Rs 7,401 crore, Rs 3,015 crore can be paid money, whereas the stability Rs 4,386 crore can be settled by “way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL”.