JSW Steel to acquire National Steel and Agro Industries for Rs 621 crore
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JSW Steel said on May 22 it will complete the acquisition of National Steel and Agro Industries (NSAIL) in a month’s time for a total consideration of Rs 621 crore.
Last week, JSW Steel said the resolution plan submitted by JSW Steel Coated Products, its wholly-owned subsidiary, for the bankrupt NSAIL was approved under the corporate insolvency resolution process.
As per the approved plan, JSW Steel Coated Products proposes to pay Rs 612.47 crore to the financial creditor of NSAIL, towards assignment of the financial debt owed by NSAIL to such financial creditor, it said in an exchange filing. JSW Steel Coated Products will infuse another Rs 8.52 crore by way of loan (in one or more tranches) towards full and final discharge and settlement of unpaid insolvency resolution process costs, payment towards operational creditors (including workmen and employees) and other mandatory payments.
JSW Steel further said, NSAIL shall be delisted pursuant to resolution plan without any exit price being paid to the shareholders.
(Source : Money Control)
