JSW Energy Ltd today said its subsidiary has sold 26 per cent stake in South African Coal Mining Holdings Ltd (SACMH) to meet regulatory norms.
"JSW Energy Natural Resources South Africa (PTY), a step down subsidiary of the company in South Africa has disposed of 26 per cent stake in its subsidiary, South African Coal Mining Holdings (SACMH)," JSW Energy Ltd informed the BSE.
After the stake sale, PTY's stake in SACMH will reduce to 67.25 per cent from 93.27 per cent.
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According to the statement, the disposal is to comply with the black economic empowerment requirements mandated by the Department of Mineral Resources ("DMR"), requiring the issued shares in the company to be owned by historically disadvantaged South Africans ("HDSAs").
SACMH is a listed entity on the Johannesburg Stock Exchange (JSE).
The company, through its step down subsidiary, had an effective shareholding in SACMH of 93.27 per cent. Post completion of the transaction, the company's effective shareholding in SACMH stands reduced to about 67.25 per cent, the filing said.
Shares of JSW Energy were trading at Rs 86.65 per piece, up 0.35 per cent, on the BSE.
