Shares of JSW Steel gain 5% after completion of Bhushan Power deal

With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL)

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JSW Steel

On NSE, JSW Steel shares rose by 4.99 per cent to settle at Rs 467.45

Shares of JSW Steel on Tuesday gained 5 per cent after the company said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards the implementation of resolution plan for acquiring the firm.

The stock jumped 5.08 per cent to close at Rs 467.55 on BSE. During the day, it gained 5.62 per cent to Rs 470.

On NSE, it rose by 4.99 per cent to settle at Rs 467.45.

With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL).

“Pursuant to the implementation of resolution plan, the inter-alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100 per cent equity shares in BPSL,” JSW Steel had said in a BSE filing on Friday.

Markets were closed on Monday for Holi.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, March 30 2021. 21:49 IST