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The Board of Jindal Steel and Power Limited approved the divestment of its entire equity stake in Jindal Power Limited by selling its shares to Worldone Private. The deal was finalized at an all-cash transaction of Rs 3,015 crore for 96.42 per cent stake, the JSPL informed in a regulatory filing on Tuesday. The Worldone was selected by way of an elaborate bidding process run by Grant Thornton Advisory wherein the Acquirer submitted the highest binding bid on acceptable terms and conditions.
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The proposed sale is subject to the necessary approvals of the concerned parties. The long stop date for completion of the proposed sale is 12 months which maybe mutually extended by the parties.
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