Skyhigh Sustainable Limited announced the proposed acquisition of 4,97,09,952 Equity Shares, representing 4.87% voting rights, in Jindal Steel Limited (formerly Jindal Steel & Power Limited). This transaction is structured as an off-market inter-se transfer between Skyhigh Sustainable Limited (the Acquirer) and its holding company, Gagan Infraenergy Limited (the Seller). The proposed date for this acquisition is on or after February 20, 2026, executed at a total consideration of Rs. 9,09,55,411/-.
Intimation of Substantial Acquisition via Inter-Se Transfer
Skyhigh Sustainable Limited, a Wholly-owned Subsidiary of Gagan Infraenergy Limited, has formally notified stock exchanges regarding its proposed acquisition of a significant stake in Jindal Steel Limited (referred to as the Target Company or TC). The acquisition involves 4,97,09,952 Equity Shares, which translates to 4.87% of the total paid-up equity share capital of the TC.
Transaction Details
This acquisition is explicitly an off-market inter-se transfer taking place between Skyhigh Sustainable Limited (the Acquirer) and its promoter group entity, Gagan Infraenergy Limited (the Seller). The rationale provided for the transfer is the Consolidation of Target Company shareholding in one entity. The proposed date of acquisition is stipulated as on or after February 20, 2026. The total price for the transfer of these shares is stated as Rs. 9,09,55,411/-.
Exemption Compliance and Price Verification
The Acquirer confirms that this transaction falls under the exemption provided by Regulation 10(1)(a)(iii) of the SEBI (SAST) Regulations, 2011. The equity shares of Jindal Steel Limited are confirmed to be frequently traded. The volume-weighted average market price for the 60 trading days preceding the intimation date (February 12, 2026) was calculated at INR 1059.67. Skyhigh Sustainable Limited further declares that the acquisition price will not be higher by more than 25% of this computed price, ensuring compliance with regulatory requirements.
Shareholding Changes Post-Transaction
Prior to the transaction, Skyhigh Sustainable Limited held 0 shares (0.00%). Following the proposed acquisition, the Acquirer’s holding will increase to 4,97,09,952 shares, representing 4.87% of the TC’s capital. Conversely, the Seller, Gagan Infraenergy Limited, will see its holding decrease from 4,97,09,952 shares (4.87%) to 0 shares (0.00%).
The disclosure further notes that the Acquirer and the Persons Acting in Concert (PACs) are associated with the promoter group of the Target Company. A detailed list of 50 entities and individuals classified as PACs is provided in Annexure A, with their pre and post-transaction shareholding details furnished in Annexure C, indicating no change in their respective holdings as a result of this specific inter-se transfer.
Source: BSE
