Latest News | BIZ-STOCKS-JSWSTEEL JSW Steel Shares Gain 5 Pc After Bhushan Power Deal Completion
Get latest articles and stories on Latest News at LatestLY. 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.
New Delhi, Mar 30 (PTI) 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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)