Shares of JSW Steel gained 1% on Monday after the company received approval from National Company Law Tribunal, Mumbai Bench for the Scheme of Amalgamation of its four units.
Accordingly, the company has merged Dolvi Minerals & Metals (DMMPL) and Dolvi Coke (DCPL), JSW Steel Processing Centres (JSPCL), and JSW Steel (Salav) (JSW Salav) with JSW Steel and their respective shareholders on 06 June 2019 with 'Appointed Date' of April1, 2019, the company said in a press note released on Friday after markets hours to the exchanges.
Moreover, the company in a separate press note to the exchanges informed that it has completed the transaction and acquired by itself and through its nominees, 10,000 equity shares of Rs10/each, comprising the entire issued and paid-up equity share capital of Piombino Steel Limited from JSW Techno Projects Management Limited.
Further Piombino Steel Limited has, by itself and through its nominees, acquired 8,000 equity shares of Rs10/each, comprising the entire issued and paid-up equity share capital of Makler Private Limited from JSW Techno Projects Management Limited.
Pursuant to the above, Piombino Steel Limited has become a wholly owned subsidiary of the Company and Makler Private Limited has become a wholly owned subsidiary of Piombino Steel Limited, the company added.
JSW Steel Ltd's share price is currently trading at Rs264.70, up by Rs2.25 or 0.86%, from its previous close of Rs262.45 on the BSE.
The scrip opened at Rs264.90 and has touched a high and low of Rs267.90 and Rs263.50, respectively. So far, 10,22,447 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs63,439.95cr.
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