JSW Steel shares gain on completing investments in JSW Paints

The company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84% of the issued and paid-up equity capital of JSW Paints (11.85% on a fully diluted basis).

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Shares of JSW Steel were trading marginally higher on November 24 morning as the company completed investments in JSW Paints.

At 9:20am, JSW Steel was quoting Rs 777.95, up Rs 2.40, or 0.31 percent, on the BSE.

“With the last tranche of investment of nearly Rs 750 crore made on November 22, the company has completed making the entire investment in JSW Paints and JSW Paints has completed the allotment in respect of this investment,” JSW Steel said in its release.

The company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84 percent of the issued and paid-up equity capital of JSW Paints (11.85 percent on a fully diluted basis).

The board of directors of JSW Steel had approved to make a strategic investment of Rs 750 crore in JSW Paints Private in 3-4 tranches between FY 2021-22 to FY 2024-25 and that in the first tranche of the strategic investment, the company would invest nearly Rs 300 crore and subscribe to equity shares equivalent to approximately 7.5 percent of the issued and paid-up equity capital of JSW Paints and 6.88 percent on a fully diluted basis by the end of Q2 of FY 2021-22.

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In October, the company reported a 12 percent jump in its crude steel production at 23.12 lakh tonnes, taking the capacity utilisation at Indian operations level to 95 percent.

JSW Steel reported a net profit of Rs 2,773 crore in the second quarter of 2023-24 against net loss of Rs 925 crore in the same quarter a year ago.