SAIL Sells Stake In Joint Venture Bokaro Jaypee To SRSHL

Public sector steel giant Steel Authority of India Limited (SAIL) has sold its stakes in its joint venture, Bokaro Jaypee Cement Limited, with Jaypee Group’s flagship company Jaiprakash Associates Limited. The company informed the National Stock Exchange in a letter.

“… the Company has…sold its entire 26% equity shareholding of 347,49,000 equity shares of Rs. 10 each in M/s Bokaro Jaypee Cement Limited, a Joint venture Comany of SAIL and M/s Jaiprakash Associates limited,” the company disclosed in its filings.

It further added, “The Company has sold its stake to Shri Rangam Securities & Holdings Limited (SRSHL) at Rs. 67.50 per equity share.” The stake sale happened on November 28, 2014.

It should be noted that SAIL has sold its stake for Rs 234.56 crore to SRSHL, an indirectly wholly owned subisidiary of Dalmia Cement (Bharat) Limited. Dalmia Cement Bharat Limited is a subsidiary of Dalmia Bharat Limited.

Interestingly, last week, Jaiprakash Associates too have sold its 74% equity shareholding to SRSHL.