JSW Steel Limited has informed the Exchange about Scheme of Arrangement
JSWSTEEL · price
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On the reaction day the stock moved 1.2 pts less than Nifty 100 and 1.0 pts more than its Iron & Steel peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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JSW Steel Limited's board has approved the amalgamation of BMM Ispat Limited (BMMIL) into JSW Steel, with an appointed date of April 1, 2026. BMMIL operates a ~1 MTPA integrated steel facility in Karnataka near JSW's Vijayanagar plant and has expansion-ready land allowing near-doubling of capacity. The share exchange ratio is 1 equity share of JSW Steel (INR 1 each) for every 18 equity shares of BMMIL (INR 10 each). JSW Projects Limited, a promoter entity, holds a majority stake in BMMIL, making this a related party transaction (though exempted from Section 188 per MCA circular). Post-merger, JSW Steel's share count increases from 244.5 crore to ~249.3 crore shares. The scheme requires approval from shareholders, creditors, and the NCLT.
The acquisition strengthens JSW Steel's long products portfolio and provides a cost-effective path to expand capacity. The deal is dilutive but minimal (promoter holding rises from 45.32% to 45.65%). Shareholders of BMMIL will receive JSW Steel shares at the 1:18 ratio.