BackJindal Power to sell its 4.12% stake in India Energy Exchange
Move comes as part of the firm's monetization plan
Premium
Mumbai: Jindal Power Ltd on Monday said it has entered into an agreement to sell its 4.12% stake in power trading entity India Energy Exchange (IEX) for an undisclosed amount.
The company has been struggling to meet its debt obligations and most of its debt instruments have been downgraded to a default rating.
“As part of the monetization plan already advised, Jindal Power Limited, a subsidiary company of Jindal Steel & Power Limited (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year," Jindal Steel and Power said in a statement to BSE on Monday.
On Monday, Jindal Steel and Power closed at ₹ 59.75 per share, 4.86% lower from its previous close.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
