In a much awaited development, JSW Steel has implemented the resolution plan for Bhushan Power and Steel Limited (BPSL) making the payment of Rs 19,350 crore to the financial creditors to acquire the bankrupt company.
Post the transaction, Piombino Steel Limited (PSL), a wholly-owned subsidiary of the company, now owns 100 per cent equity share in BPSL.
In a regulatory filing, JSW Steel said a sum of Rs 8,614 crore was arranged in Piombino Steel through a mix of equity issued to the company and optionally convertible instruments issued to JSW Steel and JSW Shipping and Logistics along with debt availed by PSL.
Of the PSL Funds, an amount of Rs 8,550 crore was invested in Makler Private Ltd, a Special Purpose Vehicle (SPV), through equity and convertible instruments. The SPV also availed short-term loans, it said.