JSW Steel shares were trading in the green and 1% higher on 24 November after the company completed investments in JSW Paints.

In its regulatory filing, the company said, “With the last tranche of investment of nearly Rs 750 crore made on 22 November, the company has completed making the entire investment in JSW Paints and JSW Paints has completed the allotment in respect of this investment.”

The company holds 12.84% shares in JSW Paints, which represent 2,94,82,565 equity shares of the issued and paid-up equity capital of JSW Paints.

The board of the company had approved a strategic investment of Rs 750 crore in JSW Paints in 3-4 trenches between 2021 – 2024 and in the first tranche of the strategic investment. The company world invests around Rs 300 crore and subscribes to JSW Paints’ equity shares, which is equivalent to approximately 7.5% of the issued and paid-up equity capital and 6.88% on a fully diluted basis by the end of Q2FY22.

In October, the company reported a 12% year-on-year increase in its crude steel production at 23.12 lakh tonnes, taking the capacity utilisation at the Indian operations level to 95%.

In its quarterly report for July-September, the company reported a net profit of Rs 2,773 crore in the quarter under review from Rs 925 crore net loss recorded in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of JSW Steel closed 0.55% higher at Rs 779.85 on NSE.