MUMBAI: Promoters of steelmaker Jindal Steel and Power Ltd (JSPL) got 4.5% pledged stake in the company released between late June and early July, the company informed stock exchanges on Wednesday.
OPJ Trading Private Ltd, a promoter entity, released on Tuesday a pledge on 43 million shares, equalling 4.23% stake in the company. The shares were pledged with SBICAP Trustee Company Ltd. OPJ Trading Private Ltd held 18.47% stake in JSPL as on June 23, data showed.
Meanwhile, Siddheshwari Tradex Private Ltd, another promoter entity, got its pledged shares released from two lenders – IndusInd Bank and RBL Bank – in late June. The pledged shares represent a 0.29% stake in the company. Siddheshwari Tradex has a total of 7.69% stake in the company, of which more than 4% is encumbered.
Shares of JSPL ended more than 2% higher at ₹624 on the National Stock Exchange on Wednesday.
The promoters of JSPL have been gradually releasing their pledged shares over the past few months. Earlier this year, OPJ Trading Private Ltd, along with two other promoter group companies, had repaid all loans taken against the pledged shares of the company. The three promoter group entities together had a peak of ₹1,140 crore in loans against shares in October 2018.
