JSWSL: MUM: SEC: SE: 2022-23
September 01, 2022
1. National Stock Exchange of India Ltd. 2. BSE Limited
Exchange Plaza | Corporate Relationship Dept. |
Plot No. C/1, G Block | Phiroze Jeejeebhoy Towers |
Bandra - Kurla Complex | Dalal Street, Mumbai - 400 001. |
Bandra (E), Mumbai - 400 051 | Scrip Code No.500228 |
NSE Symbol: JSWSTEEL | |
Kind Attn: The General Manager | |
Kind Attn.: Mr. Hari K, President | (CRD). |
(Listing) |
Sub: INTIMATION UNDER REGULATION 39(3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENT) REGULATIONS, 2015 ("LISTING REGULATIONS") -
RESTRUCTURING OF SUBSIDIARIES OPERATING AT USA
Dear Sir,
The Company through its wholly owned subsidiary Inversiones Eurosh Limitada ("IEL") and its Joint Venture partner Compañía Minera Santa Fe had formed a joint venture company, Santa Fe Mining ("SFM"), in Chile to develop iron ore deposits in the Atacama region of Chile. IEL holds 70% equity interest in SFM. IEL and SFM had ownership/leasehold rights to five iron ore mining projects in Chile. While the lease of Bellavista, which had been operationalised, was terminated in FY 2021 due to uncertainties arising post the COVID 19 outbreak, in view of the then prevailing market conditions, iron ore mining in other mines was economically not viable and therefore, the entire amount of investments made by the Company and loans extended by the Company in Chile was fully provided for in its books of accounts in the previous years.
In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, we now hereby inform you that IEL has entered into an agreement on 31st August, 2022 for selling its 70% stake held in SFM.
The Company proposes to liquidate the other subsidiaries relating to the Chile investments in due course. As the entire investments and investments made by the Company and loans extended by the Company in Chile have been fully provided for in the books of accounts in the previous years, there would be no impact on the financial results of the Company on account of this sale of SFM and liquidation of subsidiaries relating to Chile investments.
This is for your information and in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The details required under Regulation 30 read with Part A of Schedule III of the Listing Regulations and SEBI circular no CIR/CFD/CMD/4/2015 dated September 09, 2015, are enclosed herewith and marked as Annexure A.
Thanking You,
Yours faithfully,
For JSW Steel Limited,
LANCY VARGHESE
Digitally signed by
LANCY VARGHESE Date: 2022.09.01 21:49:13 +05'30'
Lancy Varghese
Company Secretary
-
Singapore Exchange Securities Trading Limited
11 North Buona Vista Drive, #06-07, The Metropolis Tower 2, Singapore 138589
ANNEXURE A
DISCLOSURE OF THE SALE OR DISPOSAL OF UNIT(S) OR DIVISION (S) OR SUBSIDIARY OF THE LISTED ENTITY, IN TERMS OF REGULATION 30 READ WITH PART A OF SCHEDULE III OF THE LISTING REGULATIONS AND SEBI CIRCULAR NO CIR/CFD/CMD/4/2015 DATED SEPTEMBER 09, 2015
Sl. | Particulars | Details | |||
No. | |||||
1 | The amount and percentage of | Turnover - Turnover of the Santa Fe Mining is | |||
the turnover or revenue or | NIL for the year ended 31 March 2022. | ||||
income | and | net | worth | Net worth - The consolidated net worth of Santa | |
contributed by such unit or | |||||
division | of the | listed | entity | Fe Mining is Rs.517 crores and its percentage is | |
during the last financial year; | 0.8% of the consolidated net worth of listed entity | ||||
during the last financial year. | |||||
2 | Date on which the agreement for | 31 August 2022 | |||
sale has been entered into; | |||||
3 | The expected date of completion | Shares will be transferred upon registration of Sale | |||
of sale/disposal; | Share Public Deed in the Shareholders Registry by | ||||
the Custodian of Mines of Copiapó, which is | |||||
expected to be completed by 30th September, | |||||
2022. | |||||
4 | Consideration received from such | USD 700 (for sale of 70% stake in Santa Fe | |||
sale/disposal; | Mining) | ||||
5 | Brief details of buyers and | Name of Buyer: Diego Calvo SpA | |||
whether any of the buyers belong | |||||
to the promoter/ promoter group/ | The buyer does not belong to the promoter/ | ||||
group companies. If yes, details | promoter group / group companies. | ||||
thereof; | |||||
6 | Whether the transaction would fall | NA | |||
within related party transactions? | |||||
If yes, whether the same is done | |||||
at "arms-length"; | |||||
7 | Additionally in case of a slump | NA | |||
sale, | indicative | disclosures | |||
provided | for | amalgamation/ | |||
merger, shall be disclosed by the | |||||
listed entity with respect to such | |||||
slump sale. | |||||
LANCY VARGHESE
Digitally signed by
LANCY VARGHESE Date: 2022.09.01 21:49:39 +05'30'
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JSW Steel Limited published this content on 01 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2022 17:00:03 UTC.