Advisory firm IiAS not in favour of JSPL’s plan to divest power business

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has advised investors to vote against Jindal Steel and Power’s (JSPL) proposal to divest its power business, Jindal Power, to a promoter group company, Worldone.

“The revised offer is not better than the original offer. The preference shares, the outstanding ICDs and capital advances were all transacted at a time when JPL was a 100% subsidiary of JSPL,” said IiAS in a report dated August 26.