Financial Daily from THE HINDU group of publications
Wednesday, Nov 12, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 12, 2003 |
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Corporate
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Mergers & Acquisitions Boards of Jisco, Jindal Vijaynagar to meet tomorrow to consider share swap Our Bureau
Mumbai , Nov. 11 THE boards of Jindal Iron & Steel Company Ltd (Jisco) and Jindal Vijaynagar Steel Ltd (JVSL) are meeting on November 13 to decide on the share exchange ratio for the consolidation of steel business of the two companies. The boards will also decide the de-linking of the investments of Jisco into a separate company and reorganisation of the capital of JVSL. The share exchange ratio has been recommended by the valuers — Deloitte Haskins & Sells and ICICI Securities Ltd. The companies had announced plans for merging primarily to position itself as an integrated steel producer. Analysts were of the opinion that the share exchange ratio would be in favour of Jisco. Jisco, with a turnover of Rs 1,612 crore, is the country's leading galvanised steel manufacturer accounting for 17 per cent of India's galvanised steel products. JVSL, with an annual turnover of Rs 2,786 crore, has a hot rolling capacity of 1.6 million tonnes per annum.
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