JSPL on Sunday announced it has received a revised offer of Rs 7,401 crore from Worldone Private Limited for divesting its subsidiary company Jindal Power Limiter (JPL).
Jindal Steel and Power Limited (JSPL) had earlier announced accepting a Rs 3,015-crore offer from Worldone Private Limited to divest the 96.42 per cent stake it holds in subsidiary company JPL.
The divestment is in line with JSPL’s strategic objective to continuously reduce its debt and carbon emissions and focus on the steel business.
“After various rounds of discussion, JSPL and its transaction advisers have 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 approximately Rs 7,401 crore,” JSPL said in a statement.
JSPL further said it has taken a decision to undertake a competitive bidding process to realise the highest possible value for the stake sale.
In the bidding process, if JSPL receives a higher offer compared with that of Worldone’s offer of Rs 7,401 crore, the company will accept it.
The transparent bidding process will be advertised in public domain and will present an equal opportunity for interested bidders from around the world to come forward and improve the offer.
