Jindal Stainless Promoter Pledges Over 11% Stake

New Delhi: Jindal Stainless on Tuesday said its promoter JSL Overseas Ltd has pledged an 11.49 per cent stake in the firm with SBICAP Trusteeship Company Ltd.

In a regulatory filing, the steelmaker said its promoter has pledged around 2.66 crore shares, or 11.49 per cent stake, with SBICAP Trusteeship Company in a bid to "secure the financial facilities availed by Jindal Stainless (JSL)".

The promoter pledged its stake on June 17, 2016, it added.

As of March 2016, JSL Overseas held an 11.49 per cent stake in the stainless steelmaker.

Last week, JSL said a sub-committee of its board has approved the issuance of about 16.82,84,309 crore shares at a price of Rs 21.76 (including premium of Rs 19.76 per share) per share to Jindal Stainless (Hisar) Limited (JSHL) on a preferential basis.

This was done against Rs 366.19 crore being the amount due and payable by the company to JSHL as of the "Appointed Date 1 that is the close of business hours before midnight of March 31, 2014".

Shares in JSL, on Tuesday, ended 0.96 per cent higher at Rs 15.75 apiece on the BSE, whose benchmark Sensex index finished down 0.20 per cent.