JSW Steel Sells 22 Crore Shares in Piombino Steel for Rs 1,676 Cr

New Delhi, Mar 25 (PTI) JSW Steel on Tuesday said it will sell over 22 crore shares in its subsidiary Piombino Steel Limited (PSL) under the proposed buy-back offer for Rs 1,676.45 crore.

It holds 508 crore equity shares in PSL, constituting 83.28 per cent of the total equity shareholding of PSL, JSW Steel said.

The Board of Directors has approved tendering of 22,26,36,000 equity shares held in PSL, under the proposed buy-back offer at a price of Rs 75.30 per equity share.

This move will help company further strengthen its balance sheet, JSW Steel said.

The buyback has also been approved by the board of PSL to buyback the said number of shares from parent JSW Steel at a price of Rs 75.30 per share aggregating to a total consideration not exceeding Rs 1,676.45 crores, subject to approval of the shareholders of PSL, it added.