Japan-based steelmaker JFE Steel Corporation has announced that it has raised its shareholding in Indian steelmaker JSW Steel Limited to 15 percent by partly converting global depositary receipts with no voting rights into common shares.
JSW Steel will become an equity-method affiliate of JFE Steel as of this quarter based on the increase in shareholding and JFE Steel's current seating of a part-time director on JSW Steel's board.
The change in shareholding is based on an agreement between JFE Steel and JSW Steel, and is in line with the recently revised Securities and Exchange Board of India's takeover regulations.