General Announcement::Intimation of Allotment of Equity Shares pursuant to conversion of OFCDS in Piombino Steel Limited

Ref: JSWSL: SECT: MUM: 2021-22

October 1, 2021

1. National Stock Exchange of India Ltd. 2. BSE Limited

Exchange Plaza	Corporate Relationship Dept.
Plot No. C/1, G Block	Dalal Street, Mumbai - 400 001.
NSE Symbol: JSWSTEEL	Scrip Code No.500228.
Kind Attn.: Mr. Hari K, President	Kind Attn: The General Manager
(Listing)	(CRD).

Subject: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular CIR/CFD/CMD/4/2015 dated September 09, 2015 - Intimation of Allotment of Equity Shares pursuant to conversion of OFCDS in Piombino Steel Limited

Dear Sir/Madam,

We refer to our earlier intimation dated 26.03.2021 and 27.03.2021 respectively in relation to the implementation of the resolution plan submitted by JSW Steel Limited ("JSW Steel"/the "Company") for Bhushan Power & Steel Limited ("BPSL") under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder.

We hereby inform you that pursuant to the subscription and shareholders agreement between the Company, JSW Shipping & Logistics Private Limited ("JSLPL") and Piombino Steel Limited ("PSL"), the Company had subscribed to certain optionally fully convertible debentures ("OFCDs") of PSL. As per the terms of OFCDs, including revisions thereto, the Company has the option to convert the OFCDs into equity shares at any time at the option of the Company. Accordingly, the Company has exercised the option of conversion of 410,00,00,000 OFCDs held by the Company in PSL into 410,00,00,000 equity shares of PSL of face value of Rs. 10/- each on 01.10.2021. Pursuant to the conversion, the Company holds 83.28% equity in PSL and JSLPL holds 16.72% equity in PSL. Subsequent to the aforesaid conversion, PSL has now become a Subsidiary of the Company and the Company will control and manage BPSL through PSL.

The details required under Regulations 30 of the Listing Regulations read with SEBI circular no CIR/CFD/CMD/4/2015 dated September 09, 2015, are enclosed herewith and marked as Annexure A.

Thanking You,
Yours faithfully,	cc: Singapore Exchange Securities Trading
For JSW Steel Limited,	Limited
	11 North Buona Vista Drive,
	#06-07, The Metropolis Tower 2,
Lancy Varghese	Singapore 138589
Company Secretary

ANNEXURE A

DISCLOSURE OF ACQUISITION (INCLUDING AGREEMENT TO ACQUIRE) IN TERMS OF LISTING REGULATIONS READ WITH PART A SCHEDULE III OF THE LISTING REGULATIONS

Sl.	Particulars	Details
No.

1. Name of the target entity, Piombino Steel Limited (PSL) is a Public

details in brief such as size, limited company incorporated under the

turnover etc.provisions of Companies Act, 2013 with its registered office at National Trust for Handicapped Shaheed Jit Singh Marg, USO Road, Qutab Institutional Area, New Delhi- 110067.

PSL is the holding company of Bhushan Power &

Steel Limited (BPSL).

Turnover of the Target: INR 8,30,03,470.

2. Whether the acquisition would The transaction is only by way of conversion of

fall within	related party	existing OFCDs of PSL held by the Company into
transaction	and whether the	equity shares of PSL.
promoter/ promoter group have
any interest in the entity being	Prior to the conversion, JSW Steel Limited
acquired?		(JSWSL) held 49% stake in PSL and JSW Shipping
		& Logistics Private Limited (which is a group
If yes, nature of interest and	company of the Company), held 51% in PSL by
details thereof and whether the	way of equity shares.

same is done at "arm's length"

3. Industry to which entity being Steel Industry acquired belongs

4. Objects and effect of acquisition	Not applicable as the acquisition is by way of
(including but not limited to,	conversion of existing OFCDs of PSL held by the
disclosure of reasons for	Company. Pursuant to the conversion, PSL has
acquisition of target entity if the	become a subsidiary company of JSWSL.
business is outside the main line
of business of the listed entity).	JSWSL will control and manage BPSL through PSL.

5. Brief details of any government None and regulatory approvals required for the acquisition.

Sl.	Particulars			Details
No.
6.	Indicative	time-period	for	Acquisition of control of PSL with a stake of
	completion of the acquisition		83.28% by way of equity shares has been
					completed today i.e. 01.10.2021.
					The Company has exercised the option of
					conversion of 410,00,00,000 OFCDs held by the
					Company in PSL into 410,00,00,000 equity shares
					of PSL of face value of Rs. 10/- each on
					01.10.2021.
7.	Nature	of	consideration-	Cash consideration was paid at the time of
	whether	cash consideration	or	allotment of OFCDs on March 24, 2021.
	share swap and details of the
	same.

8. Cost of acquisition or the price 410,00,00,000 OFCDs of Rs. 10/- each of PSL

at which shares being acquired	were acquired at par by JSWSL on March 24,
	2021.
9. Percentage of shareholding/	The Company's shareholding in PSL has increased
control acquired and/ or number	from 49% to 83.28% by the conversion of
of shares acquired.	410,00,00,000 OFCDs into equivalent number of
	equity shares.

10. Brief background about the Piombino Steel Ltd (PSL) is a public limited entity acquired in terms of company with a paid-up equity capital of product/ line of business Rs. 6100,00,00,000 comprising of 610,00,000

acquired, date of incorporation,	equity shares of Rs.10 each.
history of last three years
turnover,	country	in which	BPSL is a wholly owned subsidiary of PSL.
acquired	entity has	presence
and	other	significant	Date of Incorporation: 21.09.2018
information
			History of last three years turnover & Country in
			which acquired entity has presence:
			March 31, 2021: INR 8,30,03,470
			March 31, 2020: Nil
			March 31, 2019: Nil
			Incorporated in India.

For JSW Steel Limited,

Lancy Varghese

Company Secretary