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Jindal Stainless gets nod to acquire 74% stake in Jindal United Steel

26 Jul 2022 Evaluate

Jindal Stainless has received approval for acquisition of 34,15,89,879 equity shares comprising 74% of the paid-up equity share capital of Jindal United Steel (JUSL). Post the acquisition, Jindal United Steel will become wholly owned subsidiary of the Company. The board of directors of Jindal Stainless at its meeting held July 25, 2022, inter-alia, considered and approved the same. The proposed acquisition shall be made at an aggregating consideration of Rs 958 crore.

Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.

Peers
Company Name CMP
JSW Steel 1251.20
Tata Steel 169.50
Steel Authority 161.20
Jindal Stainless 683.10
APL Apollo Tubes 2199.85
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