JSW Steel completes ₹750 crore strategic investment in JSW Paints
Summary
JSW Steel successfully completed the last tranche of 750 crore of strategic investment in JSW Paints, the Indian steel maker announced on Thursday. The company had invested 300 crore in JSW Paints in its first instalment in 2021. On Nov 22, it made the last instalment of 75 crore to complete its strategic investment.Also Read: Tata Steel, JSW Steel, JSPL see healthy earnings pipelinethough steel price hikes take pause impacted by festival seasonWe would now like to inform you that with the last tranche of investment of INR 74,99,99,903 made on November 22, 2023, the Company has completed making the entire investment of INR 750,00,00,000 in JSW Paints and has been intimated by JSW Paints today that it has on November 22, 2023," said the company in its stock filing on Thursday.With the final payment of 75 crore, JSW Steel now holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid-up equity capital of JSW Paints.Post this allotment, the Company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid-up equity capital of JSW Paints (11.85% on a fully diluted basis)," said the company in its stock filing.Also Read: JSW Steel to invest over 5,000 crore on strengthening downstream manufacturing capacityThis is for your information and in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.JSW Steel shares closed marginally higher at 775.55 per share on BSE on Thursday.One of the main reasons behind the steelmaker to fund the paint company was the technology collaboration and innovation Jindal Paints would bring to JSW Steel. The move would also lead to strong ripple effect on the consumer brands of steel, JSW Paints Ltds managing director Parth Jindal told Mint in 2021.Milestone Alert! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed its all here, just a click away!