Key Details

Symbol (NSE): JSWSTEEL

Corporate Action: Scheme of Amalgamation

Record Date: Not Specified

Nature of Scheme: Amalgamation of Piombino Steel Limited (Transferor Company) with JSW Steel Limited (Transferee Company).

Entities Involved:

  • Transferor Company: Piombino Steel Limited (CIN: U27320MH2018PLC374653)
  • Transferee Company: JSW Steel Limited (CIN: L27102MH1994PLC152925)
  • Demerged Company: Not Applicable (Amalgamation)
  • Resulting Company: JSW Steel Limited (after amalgamation)

Share Entitlement Ratio:

10 (Ten) fully paid-up equity shares of Re. 1 (Rupee One only) each of JSW Steel Limited for every 156 (One Hundred and Fifty-Six) fully paid-up equity shares of Rs. 10 (Rupees Ten) each of Piombino Steel Limited.

Implied Capital Structure Impact:

  • The authorised share capital of Piombino Steel Limited (Rs. 17,000 Crore) is reclassified and combined with the authorised share capital of JSW Steel Limited.
  • Consequently, the authorised share capital of JSW Steel Limited stands increased to Rs. 27,980 Crore, consisting of 19,030 Crore equity shares of Re. 1 each and 895 Crore preference shares of Rs. 10 each.
  • The stamp duty and fees paid on the authorised capital of Piombino Steel shall be utilized for the increased authorised share capital of JSW Steel, with no further payment required.

Post-Allotment Listing Plan:

The new equity shares of JSW Steel Limited issued pursuant to the Scheme will be listed and admitted to trading on the BSE and NSE.

Regulatory and Approval Status:

  • NCLT approval status: Scheme sanctioned by the Hon'ble National Company Law Tribunal, Mumbai Bench via order dated October 16, 2026 (C.P.(CAA)/134(MB)2026 IN C.A.(CAA)/117(MB)2026).
  • Shareholder approval status: Approved by 94.86% of the valid votes cast by JSW Steel's equity shareholders and 97.20% by its public shareholders.
  • SEBI/Stock Exchange observations: Observation letters were received from BSE and NSE (dated April 1, 2026).
  • Effective date of scheme: The Scheme became effective on October 31, 2026.

Effective Date: [Effective Date: 31 October 2026] (with effect from the Appointed Date of January 1, 2026)

Financial Rationale:

The stated rationale for the amalgamation includes:

  • Better alignment of JSW Steel's long-term strategic interests by enabling it to directly hold the investment in Bhushan Power and Steel Limited (BPSL).
  • Provides JSW Steel with additional cash to pursue growth aspirations in a financially prudent manner.
  • Reduction in multiple entities and regulatory compliances, reducing overall compliance and overhead costs.
  • Reduction in time and efforts for consolidation of financials at the JSW Steel level.
  • Consolidation of administrative and managerial functions, eliminating duplicative record-keeping and associated expenses, leading to optimal resource utilization.

Impact on Shareholders:

  • Shareholders of Piombino Steel (other than JSW Steel and its nominees) will receive equity shares of JSW Steel as per the specified entitlement ratio.
  • No shares will be issued to JSW Steel for its existing 82.65% stake in Piombino Steel.
  • The new shares will rank pari passu with the existing equity shares of JSW Steel.
  • Fractional entitlements will be rounded down to the lower integer.
  • The Scheme provides for the dissolution of Piombino Steel without winding up.