Jindal Stainless Releases 35.2 Crore Pledged Shares
By Rediff Money Desk, NEWDELHI Nov 24, 2023 21:15
Jindal Stainless Ltd (JSL) announced that lenders have released 35.2 crore pledged shares, representing 42.74% of the company's stake. The shares were released between November 21-22, removing all encumbrances on promoter-held shares.
![Jindal Stainless Releases 35.2 Crore Pledged Shares](https://im.rediff.com/money/2016/may/04jindal.jpg)
New Delhi, Nov 24 (PTI) Jindal Stainless Ltd (JSL) on Friday said lenders have released about 35.2 crore pledged shares, amounting to 42.74 per cent stake in the company.
The shares were released during November 21-22, JSL said in a regulatory filing.
Following this, there would not be any equity shares pledged with lenders and all equity shares of the company held by promoters and the promoter group will be free from any encumbrances, the company said.
The encumbrance was initially created in 2010 for over 6.53 crore shares having a market value of Rs 706 crore.
The encumbered shares increased over the years with capital infusion and stood at 36.99 crore shares with a market value of Rs 18,700 crore.
Of this, 35.2 crore shares were pledged with lenders, while remaining shares of the promoter were locked in under the regulatory norms.
Jindal Stainless is the country's largest stainless steel making company and ranks among top 15 entities in the sector globally.
The shares were released during November 21-22, JSL said in a regulatory filing.
Following this, there would not be any equity shares pledged with lenders and all equity shares of the company held by promoters and the promoter group will be free from any encumbrances, the company said.
The encumbrance was initially created in 2010 for over 6.53 crore shares having a market value of Rs 706 crore.
The encumbered shares increased over the years with capital infusion and stood at 36.99 crore shares with a market value of Rs 18,700 crore.
Of this, 35.2 crore shares were pledged with lenders, while remaining shares of the promoter were locked in under the regulatory norms.
Jindal Stainless is the country's largest stainless steel making company and ranks among top 15 entities in the sector globally.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Vi Improves...](https://im.rediff.com/80-80/money/2024/may/14may-vi.jpg)
Vi Improves Network Coverage in Uttarakhand & UP
Vi expands L900 & L2100 technologies in UP and Uttarakhand, offering improved indoor...
![Swiss Investment...](https://im.rediff.com/80-80/money/2020/jan/17piyush-goyal.jpg)
Swiss Investment in India: Goyal Invites Firms
India's Commerce Minister Piyush Goyal has invited Swiss companies to invest in India,...
![GoMechanic Turns...](https://im.rediff.com/80-80/money/2014/jun/04cars19.jpg)
GoMechanic Turns Profitable, Targets 1,000...
GoMechanic, acquired by Servizzy, achieves operational profit in Q1 FY24 and reports Rs...