Jindal Steel has accepted the revised offer of INR 7,401 cr from Worldone for 96.42% stake in Jindal Power Limited (JPL). After hearing concerns around the old offer, JSPL asked Worldone, which is a promoter owned company, to hike its offer and also invited bids above that value for Jindal Power. The company said they did not receive a single expression of interest (EoI) for JPL and thus accepted Worldone’s higher offer. Worldone is offering a cash of INR 3,015 cr and the balance is by way of cancellation of inter corporate deposits (ICDs) issued by JPL to JSPL as consideration for relative price strength (RPS) issued by JPL to JSPL.
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