JSPL makes early repayment to lenders and plans to be net debt free: shares hit 52-week high

Business

oi-Sneha Kulkarni

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Jindal Steel and Power Ltd (JSPL) announced on Monday that it had made an early repayment of Rs 2,462 crore to its term lenders to free itself from its debts. JSPL recently announced the sale of its 3,400 megawatt (MW) thermal power company to provide debt relief and nearly halve carbon emissions.

Jindal Steel & Power (JSPL) share price hit a 52-week high at Rs 501.60 intraday on May 10 after the company made a prepayment to its term lenders.

Jindal Steel and Power Ltd (JSPL), led by industrialist Naveen Jindal, is in the process of significantly reducing its debt while embarking on a new round of investments. In addition to loan repayments of Rs 20,000 crore over the past three years to December 2020, it has made an early repayment of Rs 2,462 crore to its term lenders.

“Significantly reducing debt is part of our long-term financial strategy to create a strong balance sheet. Over the next few quarters, we intend to further strengthen our balance sheet and have no net debt in the near future. future,” said VR Sharma, MD, JSPL.

On 05/12/2021, the Company’s Board of Directors will meet to review and approve the Company’s audited financial results, both on an individual and consolidated basis, for the fourth quarter and year ended 31 March 2021, of the financial year 2020-21.
Jindal Steel & Power was trading at Rs 492.25 on the NSE at 2:44 p.m., up Rs 12.35, or 2.57%.

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Article first published: Monday, May 10, 2021, 2:55 p.m. [IST]

Ann J. Cox