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Jindal Stainless Limited clarifies on pledged shares
Posted On : 2020-09-24 12:55:09( TIMEZONE : IST )
Jindal Stainless Limited has clarified with reference to a news article published in Business Standard today titled "SBICAP Trustee Company acquired 56.17% stake in Jindal Stainless". In this regard, we wish to inform you that SBICAP Trustee Company Limited ("SBICAP") has not acquired any stake in Jindal Stainless Limited ("JSL") and this information is incorrect and misleading.
JSL had taken loans from lenders, for which equity shares of the Company were pledged by the promoter group entities as collateral security in favour of SBICAP, acting as Security Trustee. The assets of JSL, being the operating company, remain the primary security. The extant disclosures were earlier made by the promoter group companies and SBICAP.
The said loan from IndusInd Bank was also availed by JSL in the normal course of business. Accordingly, the shares held by the promoters' were pledged on pari-passu basis in favour of SBICAP (acting as security trustee), similar to the other existing lenders of JSL. Subsequently, in compliance with SEBI requirements, routine disclosures were made by SBICAP and the promoters.
The promoters of JSL have not sold any of their shareholding in the Company and continue to hold their controlling stake in the Company. The creation of present security in favour of SBICAP is only extension of pari-passu pledge and does not in any way results in acquisition of stake in the JSL. The information surfacing acquisition of stake by SBICAP is therefore factually incorrect.
In fact, the shareholders of JSL recently approved allotment of convertible equity warrants to one of the promoter group entities, which in-turn will further increase promoters' stake in JSL.
Shares of JINDAL STAINLESS LTD. was last trading in BSE at Rs.41.2 as compared to the previous close of Rs. 41.6. The total number of shares traded during the day was 6631 in over 116 trades.
The stock hit an intraday high of Rs. 42.85 and intraday low of 40.85. The net turnover during the day was Rs. 275484.
