JSW Steel pays Rs 19,350 cr to financial creditors of Bhushan Power & Steel

By: |
March 26, 2021 6:05 PM

JSW Steel further said a sum of Rs 8,614 crore was arranged in Piombino Steel Ltd, a wholly-owned subsidiary of the company, through a mix of equity, optionally convertible instruments, issued to the company and JSW Shipping & Logistics Pvt Ltd, and debt.

JSW steelThe company's average capacity utilisation improved to 93 per cent in the last quarter.

JSW Steel on Friday said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards implementation of the resolution plan for acquiring the company.

With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL).

“Pursuant to the implementation of resolution plan, the inter-alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100 per cent equity shares in BPSL,” JSW Steel said in a filing to BSE.

JSW Steel further said a sum of Rs 8,614 crore was arranged in Piombino Steel Ltd, a wholly-owned subsidiary of the company, through a mix of equity, optionally convertible instruments, issued to the company and JSW Shipping & Logistics Pvt Ltd, and debt.

The PSL funds included a total infusion of Rs 5,087 crore by the company in the form of equity and optionally convertible instruments, the company said.

“Of the PSL funds, an amount of Rs 8,550 crore were invested in Makler Private Ltd, a SPV, through equity and convertible instruments. The SPV also availed short term loans,” the filing said.

JSW Group Chairman Sajjan Jindal in a tweet said, “Very proud that with the acquisition of Bhushan Power and Steel Ltd., we have made our entry in Odisha-East India and are now the country’s leading Steel Maker. On behalf of all @TheJSWGroup I am happy to welcome the employees of #BPSL to the JSW Family!.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RIL’s Mukesh Ambani celebrates his 64th birthday today; 5 interesting facts about Reliance chief
2Razorpay raises $160 mn funding from Sequoia Capital, GIC, others; Valuation triples to $3 bn
3Covid-19 themed threats surge: McAfee sees cyber-attack detections increase by 114% in Q4 2020