Jindal Steel promoters clear loans taken against shares

Three promoter group companies of Jindal Steel and Power, which are a part of the Naveen Jindal group, have repaid all the loans taken against the pledged shares of the company, the company said on Thursday.

The three companies - OPJ Trading, Opelina Sustainable Services and Gagan Infraenergy - had a peak of ₹1,140 crore in loans against the shares in October 2018. The three companies together held nearly 38% stake in the company as on December-end.

"Through this repayment, the loan against share for the Naveen Jindal Group now stands at Nil," JSPL said in a statement to the exchanges.


The loan repayment is a part of the group's deleveraging strategy.

Earlier this month, another of the company's promoter Siddheshwari Tradex released some of its shares that it had pledged with STCI Finance, IILF Wealth Finance, Tata Capital Financial Services, Hero Fincorp and Julius Baer Capital. Siddheshwari Tradex held a 7.69% stake in the company as of December.