Jindal Steel and Power (JSPL) is all set to buyback 8.7% of its paid up capital, amounting to not more than Rs 1,000 crore. In this regard, the company’s board has fixed a price of Rs 261 per share, for the buyback offer from the open market through stock exchanges. The company, through the buyback offer, wants to give a signal to its investors that company’s fundamentals are strong and it is on track to achieve its growth plans.
As on June, 2013, JSPL promoters held 59.13% stake in the company, while institutional investors had 27.50% stake, rest of the shares being held by the general public.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
