Ispat Industries will be renamed as JSW Ispat Steel as the company has cleared the resolution at extraordinary general meeting (EGM). JSW Steel had earlier bought 41% in Ispat Industries at Rs 2,157 crore and further increased the holding close to 49%. JSW was in the process of restructuring its Rs 7,000-crore debt for it to exit corporate debt restructuring (CDR). It is still not clear whether JSW will merge Ispat Industries with itself.
Earlier in December last year, JSW Steel had entered into a Rs 2,157 crore deal with Ispat to acquire a 41.29 per cent stake in the company through preferential issue of fresh shares at a price of Rs 19.85 apiece and announced to launch an open offer to acquire 64.72 crore shares of Ispat, at a face value of Rs 10 each of the total shares between February 12 to March 3, 2011 at a price of Rs 20.54 a share.
Ispat Industries, a flagship company of the Ispat Group, is one of the leading integrated steel makers and the largest private sector producer of hot rolled coils in India.
JSW Steel, belonging to the JSW group, part of the OP Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, port facilities, Aluminium, cement and Information Technology.
| Company Name | CMP |
|---|---|
| Tata Steel | 214.45 |
| JSW Steel | 1277.70 |
| SAIL | 184.80 |
| Jindal Stainless | 755.10 |
| APL Apollo Tubes | 1948.80 |
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