Jindal Stainless Limited (NSEI:JSL) on April 3, 2024 said it aims to complete divestment of its entire 26% stake in Jindal Coke Limited by September this year. In the first tranche, the company has offloaded 4.87% shares in Jindal Coke for over INR 364.9 million. These shares were picked up by JSL Overseas at the same price, according to a regulatory filing.

At the same time, Jindal Stainless has acquired a majority stake in Spanish entity lberjindal. In January, the board of the company gave in-principle approval for the acquisition of up to 100% stake in Iberjindal S.L., a subsidiary company based in Spain, and divest 26% equity stake held in its associate company Jindal Coke Ltd. (JCL). Jindal Stainless Ltd. (JSL) executed a share purchase agreement with JSL Overseas Ltd. (JOL) on March 26, 2024, for the sale of a 4.87% equity stake in JCL, the company said in the filing.

"The company has transferred 1,580,000 equity shares of the face value of INR 10 each at a price of INR 231 per equity share for a consideration of INR 364,980,000 to JOL," it said. The transaction is expected to be completed on or before September 30, 2024, JSL said.