Jindal Steel & Power prepays $357 Million loan in its Mauritius entity, aims to Net debt-free by FY 23

Jindal Steel & Power (Mauritius), a wholly-owned subsidiary of JSP has prepaid a US$357mn loan to its lenders. This prepayment will help clear the entire debt on JSPML. This loan had corporate guarantees from JSP India, which will also get released.

Over the past three years, JSP has been able to reduce its overseas debt from USD1.8bn to USD130mn post this payment. The bulk of JSP's overseas debt now sits in its Australian subsidiary (USD113mn). The Group plans to repay this loan by September 22. JSP Group's net debt has come down from a peak of 46,500cr to 10,981cr in December 2021.

"We are pre-paying our lenders to further strengthen our balance sheet and we want to become a net debt-free company by FY23 through accelerated deleveraging. The company is aligned with the India growth story. We will expand our steelmaking capacity to over 15 MTPA by 2025", Said. Mr. V R Sharma, Managing Director, JSP in a statement.

Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 476.90 as compared to the previous close of Rs. 465.15. The total number of shares traded during the day was 537587 in over 9153 trades.

The stock hit an intraday high of Rs. 486.40 and intraday low of 470.20. The net turnover during the day was Rs. 257291510.00.

Source : Equity Bulls

Keywords

JindalSteelandPower INE749A01030 JSP DebtPrepayment