JSPL in talks with Japan Co to sell 49% stake in Rail Mill unit
Jindal Steel and Power is in talks with Japan’s Yamato Kogyo Company Ltd to sell up to 49% stake in its rail mill unit, according to reports.
Report says that the due diligence has been completed and negotiations are at the final stage.
The rail mill may be valued at about Rs 6,000 crore, while Yamato Kogyo is likely to pay about Rs 3,000 crore for 49%, says report.Jindal Steel & Power Ltd is currently trading at Rs. 56.3, up by Rs. 0.4 or 0.72% from its previous closing of Rs. 55.9 on the BSE.The scrip opened at Rs. 57 and has touched a high and low of Rs. 57.5 and Rs. 56.2 respectively. So far 1537208(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5114.31 crore.
The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 169.55 on 07-Apr-2015 and a 52 week low of Rs. 48.2 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 63.25 and Rs. 55.65 respectively.
The promoters holding in the company stood at 61.89 % while Institutions and Non-Institutions held 22.35 % and 15.76 % respectively.
The stock is currently trading below its 200 DMA.