JSW Steel has successfully invested Rs 750 crore in JSW Paints to support and fuel its expansion initiatives.
bussiness standard
India
28-11-2023
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In a regulatory filing, JSW Steel announced the completion of its final tranche of investment, amounting to approximately Rs 75 crore, in JSW Paints on Wednesday. The company has fulfilled the entire investment commitment of Rs 750 crore in JSW Paints, as stated in the filing. JSW Steel received confirmation from JSW Paints on November 22, 2023, regarding the completion of the allotment for the strategic investment. Following this allotment, JSW Steel now holds 2,94,82,565 equity shares in JSW Paints, constituting 12.84% of the issued and paid-up equity capital (11.85% on a fully diluted basis). The strategic investment of Rs 750 crore was approved by the JSW Steel board on July 23, 2021, to be made in 3-4 tranches between FY 2021-22 and FY 2024-25.