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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Aug 08, 2019 12:58 PM IST | Source: PTI

Jindal Steel and Power denies payment defaults; says business as usual

The company said all speculations/rumours with respect to payment default are "baseless and false in nature".

Jindal Steel and Power Ltd (JSPL) on August 8 said that it has not defaulted on any payments.

The company said all speculations/rumours with respect to payment default are "baseless and false in nature".

"The business is going on as usual and normal and company is generating adequate cash. So much so, that the company has prepaid Rs 300 crore towards non-convertible debentures (NCDs), earlier than its due date," Managing Director (Designate) JSPL V R Sharma said adding that the company has not made any payment defaults.

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On rumours regarding any sell-off in pledged shares, Sharma said "no sale of shares is reported by any of the lenders".

More so, the promoter group is looking to reduce the pledge at the earliest.

The company will be reporting its April-June quarter results (1QFY20) results on August 14, 2019.

"The company is on track to deliver its highest ever volumes this year and should be able to generate better returns for its stakeholders," the statement said.

Shares of the company were trading at Rs 99.80, down 2.59 percent over its previous close.

Part of the $18-billion O P Jindal Group, JSPL has presence in steel, power, mining and infrastructure sectors.
First Published on Aug 8, 2019 12:47 pm
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