Jindal Group to acquire SISCOL stake
According to the statement made by Securities and Exchange Board of
India (SEBI),
Jindal Group may acquire Lakshmi Machine Works' (LMW) 39.71% stake in Southern Iron and Steel Corp (SISCOL).
However the takeover is subject to the approval of the shareholders.
SEBI also stated that the proposed transaction should be completed within 90 days from the date of the order, which is November 5.
LMW officials stated that they wanted to focus on their core business, which is textile machinery manufacture and decided to sell their stake in SISCOL.
Apart from the stake of LMW, which is 39.71%, TIDCO holds 10.93% and the public shareholding is the remaining 49.36%.