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Centrum Broking Report
Addressing minority shareholders' concerns regarding complexity of the earlier sale bid for subsidiary, Jindal Power Ltd., which has a 3,400 mega watt power plant, Jindal Steel and Power Ltd. has negotiated a revised bid with Worldone Pvt Ltd., a promoter group entity.
The revised bid will buy out all equity shares and redeemable preference shares of Jindal Power held by Jindal Steel and Power and knock off inter-company loan availed by JSPL for a total enterprise value of ~Rs 95 billion.
If the new proposal is finalised, it will reduce consolidated net debt by ~Rs 95 billion (earlier factored ~Rs 50 billion) and other income by ~Rs 3.5 billion in our FY22 estimates.
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