Japan-based steelmaker
JFE Steel Corporation has announced that it has raised its shareholding in Indian steelmaker
JSW Steel Limited to 15 percent by partly converting global depositary receipts with no voting rights into common shares.
JSW Steel will become an equity-method affiliate of
JFE Steel as of this quarter based on the increase in shareholding and
JFE Steel's current seating of a part-time director on
JSW Steel's board.
The change in shareholding is based on an agreement between
JFE Steel and
JSW Steel, and is in line with the recently revised Securities and Exchange Board of
India's takeover regulations.