JSW acquires Dolvi Minerals & Metals

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Mumbai : JSW Steel Limited has acquired an aggregate of 60% of the share capital of Dolvi Minerals and Metals Private Limited a company engaged in the business of acting as traders, whole-sellers and retailers in all forms of metallic and non-metallic minerals, which includes coal and lignite, coal products and iron steel products, from the existing investor(s) of DMMPL.

Pursuant to the acquisition of shares of DMMPL (as set out above), DMMPL has become a wholly owned subsidiary of JSWSL, wherein JSWSL and its nominees hold 100% of the issued and paid-up equity share capital of DMMPL.

 

JSWSL currently holds 39.996% of the share capital of DMMPL and has executed a share purchase agreement dated 23 October 2018 with Axis Bank Limited for acquisition of 1,00,00,000 (one crore) equity shares of DMMPL aggregating to 9.999% (nine point nine nine nine percent) of the issued and paid-up equity share capital of DMMPL. It has also executed  a share purchase agreement dated 23 October 2018 with Enam Securities Private Limited for acquisition of 3,05,00,000 (three crores and five lakhs) equity shares of DMMPL aggregating to 30.497%  of the issued and paid-up equity share capital of DMMPL and a share purchase agreement dated 23 October 2018 with Standard Chartered Private Equity (Mauritius) II Limited for acquisition of 1,95,00,000 (one crore and ninety five lakhs) equity shares of DMMPL aggregating to 19.498% of the issued and paid-up equity share capital of DMMPL; and purchased 10,000 (ten thousand) equity shares of DMMPL aggregating to approximately 0.01% (zero point zero one percent) from other small equity holders.

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