Multinational steel producer, JSW Steel, has completed the last tranche of ₹750 crore investment in JSW Paints. The investment was planned to be made in 3-4 installments to fuel the expansion plans of JSW Paints.
The main company of JSW Group, announced to invest ₹750 crore in JSW Paints in July 2021. The company has invested ₹300 crore in JSW Paints.
“We would now like to inform you that with the last investment of INR 74,99,99,903 made on November 22, 2023, the Company has completed making the entire investment of INR 750,00,00,000 in JSW Paints and has been left by JSW Paints today that it has November 22, 2023,” the company said in its stock filing on Thursday.
With the final payment of ₹75 crore, JSW Steel now holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid up share capital of JSW Paints.
“Following this allotment, the Company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid up share capital of JSW Paints (11.85% on a fully diluted basis),” the company said in its stock filing.
This is for your information and in accordance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Updated: 23 Nov 2023, 20:30 IST