JSW Steel completes buyout of Bhushan Power and Steel

New Delhi, March 26

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JSW Steel on Friday said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards implementation of the resolution plan for acquiring the company. With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL).

“Pursuant to the implementation of resolution plan, the inter alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100% equity shares in BPSL,” JSW Steel said in a filing to BSE.

JSW Steel further said a sum of Rs 8,614 crore was arranged in Piombino Steel Ltd, a wholly-owned subsidiary of the company, through a mix of equity, optionally convertible instruments, issued to the company and JSW Shipping & Logistics Pvt Ltd, and debt. The PSL funds included a total infusion of Rs 5,087 crore by the company in the form of equity and optionally convertible instruments, the company said. — PTI

Pays Rs 19,350 cr to creditors

Pursuant to the implementation of resolution plan, the inter alia included payment of Rs19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100% equity shares in BPSL