 "JSW Steel completes Rs 750 cr investment in JSW Paints to fuel expansion")
JSW Steel on Thursday said it has completed the Rs 750 crore investment in JSW Paints Pvt Ltd (JSW Paints).
Like JSW Steel, JSW Paints is a group company of Sajjan Jindal-owned JSW Group.
In a regulatory filing, JSW Steel said it has completed the last tranche of investment of around Rs 75 crore in JSW Paints on Wednesday.
"With the last tranche of investment of Rs 74,99,99,903, the company has completed making the entire investment of Rs 750,00,00,000 in JSW Paints and has been intimated by JSW Paints today that it has on November 22, 2023, completed the allotment in respect of the aforesaid strategic investment," the filing said.
Post this allotment, the company holds 2,94,82,565 equity shares in JSW Paints, representing 12.84 per cent of the issued and paid-up equity capital of JSW Paints (11.85 per cent on a fully diluted basis).
On July 23, 2021, the JSW Steel board approved to make a strategic investment of Rs 750 crore in JSW Paints in 3-4 tranches between between FY 2021-22 and FY 2024-25.
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