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Jindal Steel and Power to divest coal-fired electricity business, shares decline

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Jindal Steel and Power was last down 0.91 percent at Rs 445.70 on BSE.

Jindal Steel and Power Limited’s share price declined slightly on Wednesday, April 28, a day after the company’s board of directors approved the divestment of its 96.4% stake in subsidiary Jindal Power for a total cash offer of Rs 3,015 crore to Worldone Private Limited. Jindal Steel and Power opened on BSE at Rs 454.40 on Wednesday, hitting an intraday high of Rs 454.40 and an intraday low of Rs 436.05, in the trading session so far. According to a regulatory filing by the company with the BSE, the acquirer – Worldone Private Limited is owned by the Jindal Steel and Power developer group.

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According to the statement released by the company, as part of the deal, Equity Value is an all-cash offer of Rs. 3,015 crore for a 96.42% stake in Jindal Power Limited. It included 3,400 MW of coal-fired power plants in Chhattisgarh and other non-core assets owned by Jindal Power. The company’s board of directors has approved the divestiture of its coal-fired electricity business.

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The infrastructure conglomerate said the plan to divest the power generation business was aimed at reducing emissions and carbon footprint by nearly 50 percent.

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Meanwhile, on the NSE, Jindal Steel and Power opened at Rs 453.80, touching an intra-day high of Rs 453.95 and an intra-day low of Rs 436.05, in the session up now. It was last down 0.89 percent to Rs 445.90 on the NSE.

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Jindal Steel and Power was last down 0.91 percent at Rs 445.70 on BSE.

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