Jindal Steel rose on takeover offer at Rocklands Richfield

Posted By: Religare
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{image-21-jindalsteel&powerlogo.jpg www.goodreturns.in}Jindal Steel & Power, a part of the USD 12 billion diversified O. P. Jindal Group, has announced that on April 20th, 2011, the company has initiated a cash offer to purchase the entire equity stake of Australian coal-mining firm Rocklands Richfield.

The company plans to raise its stake in Rocklands Richfield to 100 per cent from the present 14.46 per cent. The offer is being made through its wholly owned subsidiary, Jindal Steel and Power (Australia). The Australian arm of Jindal has already received an approval from the government to raise its stake above the 15 per cent threshold.

Jindal Steel & Power is offering AUD 0.25 cash for every share of Rocklands.

As per the offer, the total value of the firm stands at nearly AUD 88 million. The shares of Jindal Steel closed at Rs. 677.65, up by 2.39 per cent or 15.80 points at the Bombay Stock Exchange, on Wednesday.

Read more about: acquisition, steel, power, jindal
Story first published: Thursday, April 21, 2011, 12:33 [IST]
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