Gagan Infraenergy Limited has disclosed the sale of 4,97,09,952 shares, representing a 4.87% stake, in Jindal Steel Limited (formerly Jindal Steel & Power Limited). The transaction, executed on February 20, 2026, was conducted via an off-market transfer to Skyhigh Sustainable Limited, a wholly owned subsidiary of the acquiring entity. This sale was completed under the exemption available under SEBI Takeover Regulations.
Mandatory Disclosure of Share Disposal
Gagan Infraenergy Limited issued a formal disclosure concerning a significant change in its shareholding in Jindal Steel Limited (formerly known as Jindal Steel & Power Limited). The filing confirms the disposal of 4,97,09,952 equity shares, which equates to 4.87% of the total voting capital of the Target Company (TC).
Transaction Details
The sale of shares was finalized on February 20, 2026. The transaction method was specified as an Off-market transfer. The shares were sold to Skyhigh Sustainable Limited, which is identified as a wholly owned subsidiary of the Seller (Gagan Infraenergy Limited).
Holding Before and After Transaction
Prior to this disposal, Gagan Infraenergy Limited held 4,97,09,952 shares, representing 4.87% of the total diluted share capital. Following the sale, the holding in shares carrying voting rights has reduced to zero, as the entire previously held stake was disposed of in this transaction.
Target Company Capital Structure
The total equity share capital of Jindal Steel Limited before and after the transaction remained constant at Rs. 1,02,00,88,097/-, comprising 1,02,00,88,097 equity shares of Re. 1/- each. The disclosure confirms the seller’s status as part of the Promoter/Promoter Group of the Target Company.
Compliance Context
The disclosure was submitted under the applicable framework concerning Substantial Acquisition of Shares and Takeovers. The transaction utilized the exemption clause available under Regulation 10(1)(a)(iii) of the relevant regulations, confirming the inter-se transfer nature of the disposal within related entities.
Source: BSE
