Jindal Stainless has successfully exited from the Corporate Debt Restructuring (CDR) framework with effect from March 31, 2019. The company has received a letter from the consortium of CDR Lenders to this effect. Pursuant to this, existing CDR lenders have realised the full recompense of about Rs 275 crore in cash, which will add to their income in the current fiscal itself. Additionally, JSL has fully redeemed the outstanding Optionally Convertible Redeemable Preference Shares (OCRPS), which were issued to the lenders in June 2017, and has paid around Rs 558 crore, taking the aggregate realisation of lenders to around Rs 833 crore.
The Company has seen an improvement in net debt-equity ratio which stood at 1.3 as on December 31, 2019, as compared to 3.2 as on March 2017.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
