JSW Steel acquires 60 per cent stake in DMMPL

JSW Steel has acquired an aggregate of 60.004 per cent of the share capital of Dolvi Minerals and Metals Private (DMMPL), a company that operates as trader, wholesaler and retailer for metallic and non-metallic minerals, which include coal and lignite, coal products and iron steel products, from the existing investors of DMMPL. Prior to this agreement, the company held 39.996% of the share capital of DMMPL.

Pursuant to the acquisition of shares of DMMPL, the company is now a wholly-owned subsidiary of JSW Steel, wherein JSW Steel and its nominees hold 100 per cent of the issued and paid-up equity share capital of DMMPL.

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

On Wednesday, the stock has opened at Rs.349.50 per share and touched a high/low of Rs.353/Rs.346.25 and at 11:03 am, the stock was quoting at Rs. 47 per share.