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.