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Indian-Commodity  :  Equity & Shares  :  JSW Steel strengthens on executing a share purchase agreement with Praxair India

JSW Steel strengthens on executing a share purchase agreement with Praxair India (16-Aug-2016)

JSW Steel is currently trading at Rs 1748.45, up by 23.70 points or 1.37% from its previous closing of Rs 1724.75 on the BSE.

The scrip opened at Rs. 1724.00 and has touched a high and low of Rs. 1753.00 and Rs. 1716.95 respectively. So far 39129 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1762.00 on 27-Jul-2016 and a 52 week low of Rs. 829.35 on 25-Aug-2015.

Last one week high and low of the scrip stood at Rs. 1756.75 and Rs. 1685.00 respectively. The current market cap of the company is Rs. 42059.64 crore.

The promoters holding in the company stood at 41.48%, while Institutions and Non-Institutions held 37.61% and 20.91% respectively.

JSW Steel has executed a Share Purchase Agreement with Praxair India to acquire their entire shareholding of 74% in JSW Praxair Oxygen (JPOPL) for a cash consideration of Rs 240 crore. The company currently holds 26 percent of the equity shares of JPOPL and post the aforesaid acquisition, JPOPL would become a wholly owned subsidiary of JSW Steel.

JPOPL is engaged in the business of production and sale of industrial gases such as oxygen, nitrogen and argon and has set up two air separation plants, each with a capacity of 2500 tonnes per day, at Toranagallu, Bellary District in Karnataka JSW Steel currently sources industrial gases from JPOPL amongst others at prices based on long term contracts.

The said acquisition is strategic in nature as it will provide the Company the benefit of backward integration of this critical input. Deloitte Touche Tohmatsu India LLP and Bharucha & Partners, Advocates and Solicitors carried out financial and legal due diligence respectively for the Company.


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