JSW Steel raises offer price for Ispat

JSW Steel raises offer price for Ispat

Mumbai: JSW Steel has raised offer price to acquire up to 20% stake in Ispat industries to Rs22.25 a share from an earlier offer of Rs20.54 a share, the manager to the offer said on Thursday.

JSW Steel will now pay up to Rs1,440 crore to buy up to 20% shares in the Ispat industries, Enam Securities said in an exchange filing.

India’s third-largest steelmaker JSW Steel Ltd had said in December that it would buy a controlling stake in smaller loss-making rival Ispat Industries for $476 million.

JSW Steel is obliged to make an open offer under regulations for 20% of shares after the company acquired 41.3% in December.