Kotak Special Situations Fund has invested Rs 500 crore in Jindal Stainless in form of debt and equity. The investment will help Jindal Stainless to come out of the corporate debt restructuring (CDR) process and repay its loans and debt obligations to banks.
Under the transaction, the fund has purchased equity shares from lenders of Jindal Stainless and invested in debentures of the company to repay the optionally convertible redeemable preference shares and recompense due to lenders as part of the CDR package.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.