JSW Steel to acquire Dolvi Minerals and Metals

JSW Steel to acquire Dolvi Minerals and Metals

JSW Steel (JSWSL) in a filing to BSE has  inform that it has acquired an aggregate of  60.004% (Sixty point zero zero four percent) of the share capital of Dolvi Minerals and Metals (DMMPL). DMMPL is engaged in the business of acting as traders, whole-sellers and retailers in all forms of metallic and non-metallic minerals, which includes coal and lignite, coal products and iron steel products, from the existing investor(s) of DMMPL.

JSWSL currently holds 39.996% (thirty nine point nine nine six percent) of the share capital of DMMPL and has executed a share purchase agreement with Axis Bank for acquisition of 1,00,00,000 (one crore) equity shares of DMMPL aggregating to 9.999% (nine point nine nine nine percent) of the issued and paid-up equity share capital of DMMPL. The company has also executed a share purchase agreement with Enam Securities for acquisition of 3,05,00,000 (three crores and five lakhs) equity shares of DMMPL aggregating to 30.497% (thirty point four nine seven percent) of the issued and paid-up equity share capital of DMMPL. As per the filing to BSE,  JSWSL  also entered into a share purchase agreement  with Standard Chartered Private Equity (Mauritius) II Limited for acquisition of 1,95,00,000 (one crore and ninety five lakhs) equity shares of DMMPL aggregating to 19.498% (Nineteen point four nine eight percent) of the issued and paid up equity share capital of DMMPL; and purchased 10,000 (ten thousand) equity shares of DMMPL aggregating to approximately 0.01% (zero point zero one percent) from other small equity holders.

Pursuant to the acquisition of these shares of DMMPL, DMMPL has now become a wholly owned subsidiary of JSWSL.

 

@EPC World Media

 



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