Skyhigh Sustainable Limited, the Acquirer, has finalized the acquisition of 4,97,09,952 Equity Shares, representing 4.87% voting rights, in Jindal Steel Limited (the Target Company). The transaction was an off-market inter-se transfer from its holding company, Gagan Infraenergy Limited, effective February 20, 2026. This move is categorized as a consolidation of shareholding within one entity, falling under an exemption from making an open offer.
Shareholding Consolidation Completed
Skyhigh Sustainable Limited has completed a significant internal share transfer involving its parent entity, resulting in an increase in its direct holding in Jindal Steel Limited (formerly Jindal Steel & Power Limited). The Acquirer procured 4,97,09,952 Equity Shares, which equates to 4.87% of the Target Company’s voting rights.
Transaction Details and Rationale
The transaction took place on February 20, 2026. The transferor was Gagan Infraenergy Limited, which holds 100% of the equity shares in Skyhigh Sustainable Limited and is part of the promoter and promoter group of the Target Company. The primary rationale for this off-market inter-se transfer is the Consolidation of Target Company shareholding in one entity.
Exemption from Open Offer
The acquisition qualifies for exemption from making a mandatory open offer under Sub-clause (iii) of clause (a) of sub-regulation (1) of Regulation 10 of the relevant Takeover Regulations.
Financial Value of Transfer
The price at which the shares were transferred amounted to Rs. 9,09,55,411/- for the transfer of the 4,97,09,952 shares.
Shareholding Position Change
Following the transaction, the aggregate holding of the Promoter and Promoter Group in Jindal Steel Limited remains unchanged, as the transfer was between entities within the same promoter structure.
Post-Transaction Shareholding Summary
The shareholding details for the Acquirer (Skyhigh Sustainable Limited) show a movement from 0 shares (0.00%) to 4,97,09,952 shares (4.87%) of the Target Company’s capital.
The complete list of Persons Acting in Concert (PAC), including various individuals and trusts such as Shri Naveen Jindal and multiple family trusts (e.g., Sajjan Jindal Family Trust, Tarini Jindal Family Trust), is detailed in Annexure A. The shareholding percentages for these PAC members, before and after the transaction, show no variation, confirming that the acquisition was solely an internal reallocation.
Source: BSE
