JSW Steel to acquire National Steel and Agro Industries for ₹621 cr
1 min read 22 May 2023, 08:52 PM ISTJSW Steel Coated Products proposes to pay ₹612.47 crore to the financial creditor of NSAIL, towards assignment of the financial debt owed by NSAIL to such financial creditor, it said in an exchange filing.
PremiumJSW Steel on Monday announced that its wholly-owned subsidiary JSW Steel Coated Products Limited (JSWSCPL) will complete the acquisition of National Steel and Agro Industries (NSAIL) for a total consideration of ₹621 crore.
JSW Steel Coated Products, wholly-owned subsidiary, got approval in respect to corporate insolvency resolution process of NSAIL.
“JSW Steel Coated Products Limited (“JSWSCPL"), a wholly owned subsidiary of JSW Steel Limited (“Company"), in respect of the corporate insolvency resolution process of National Steel and Agro Industries Limited (“NSAIL") (the “Resolution Plan") has been approved by the Committee of Creditors of NSAIL and the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT") respectively in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016," said JSW Steel.
As per the approved plan, JSW Steel Coated Products proposes to pay ₹612.47 crore to the financial creditor of NSAIL, towards assignment of the financial debt owed by NSAIL to such financial creditor, it said in an exchange filing.
JSW Steel Coated Products will infuse another ₹8.52 crore by way of loan (in one or more tranches) towards full and final discharge and settlement of unpaid insolvency resolution process costs, payment towards operational creditors (including workmen and employees) and other mandatory payments.
JSW Steel further said, NSAIL shall be delisted pursuant to resolution plan without any exit price being paid to the shareholders.
“NSAIL shall be delisted pursuant to Resolution Plan approved by the National Company Law Tribunal, Mumbai Bench without any exit price being paid to the shareholders," said JSW Steel.
JSW Steel shares ended 1.51 per cent up at ₹703.50 on BSE.
