Photo: Bloomberg
Photo: Bloomberg

Jindal Stainless promoter JSL Overseas pledges over 11% stake

The steel maker says its promoter pledged 2.66 crore shares with SBICAP Trusteeship in a bid to secure the financial facilities availed by Jindal Stainless

New Delhi: Jindal Stainless Ltd on Tuesday said its promoter JSL Overseas Ltd has pledged 11.49% stake in the firm with SBICAP Trusteeship Co. Ltd.

In a regulatory filing, the steel maker said its promoter has pledged around 2.66 crore shares or 11.49% stake with SBICAP Trusteeship in a bid to “secure the financial facilities availed by Jindal Stainless (JSL)".

The promoter pledged its stake on 17 June, it added. As of March 2016, JSL Overseas held 11.49% stake in the stainless steel maker.

Last week, JSL said a sub-committee of its board has approved the issuance of about 16.82,84,309 crore shares at a price of 21.76 (including premium of 19.76 per share) per share to Jindal Stainless (Hisar) Ltd (JSHL) on a preferential basis.

This was done against 366.19 crore being the amount due and payable by the company to JSHL as of the appointed date, which is the close of business hours before midnight of 31 March 2014.

Shares of JSL on Tuesday rose by 0.96% to settle at 15.75 apiece on BSE Ltd.

Close