Piombino Steel would pay Rs 1,676 crore to repurchase 22 crore shares from parent company JSW Steel.

On Tuesday, JSW Steel announced that it would sell more than 22 crore shares of Piombino Steel Limited (PSL), a subsidiary, for Rs 1,676.45 crore as part of the proposed buyback offer. According to JSW Steel, it owns 508 crore equity shares in PSL, which accounts for 83.28 percent of the company's entire equity holdings. The buyback has also been approved by the PSL board to repurchase the specified number of shares from parent company JSW Steel at a price of Rs 75.30 per share, with a maximum consideration of Rs 1,676.45 crores, pending approval from PSL shareholders, the statement continued.