Shares of JSW Steel showed a slight uptick on the morning of November 24 as the company finalized its investments in JSW Paints.
At 10:01 am, JSW Steel was trading at ₹779.65, reflecting a modest 0.53% increase.
JSW Steel announced the completion of its investment in JSW Paints, with the last tranche of approximately Rs 750 crore disbursed on November 22. The company highlighted that this final investment marked the fulfillment of the entire investment commitment in JSW Paints, and in turn, JSW Paints completed the allotment related to this investment, as outlined in the official release.
The strategic investment plan, approved by the board of directors of JSW Steel, involved a total investment of Rs 750 crore in JSW Paints Private over the span of 3-4 tranches between FY 2021-22 and FY 2024-25.
In the initial tranche of this strategic investment, JSW Steel committed nearly Rs 300 crore. It subscribed to equity shares, constituting approximately 7.5 percent of the issued and paid-up equity capital of JSW Paints, and 6.88 percent on a fully diluted basis, reaching completion by the end of Q2 of FY 2021-22. This move aligns with JSW Steel’s strategic vision for the future and reinforces its commitment to JSW Paints as a key player in its portfolio.
