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JSPL shares hit 52-week high on prepayment to lenders, plans to become net debt free

The reduction of Rs 2,462 crore is over & above the annual committed debt reduction in the financial year 2020-2021.

May 10, 2021 / 11:44 AM IST
 
 
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Jindal Steel & Power (JSPL) share price touched a 52-week high of Rs 501.60, rising more than 4 percent intraday on May 10 after the company made prepayment to its term lenders.

" .... today announced that it has made a prepayment of Rs 2,462 crore to its term lenders. This is in continuation of its long-stated financial strategy of debt reduction and building a robust balance sheet with the optimum capital mix," the company said in the release.

The company has recently announced divestment of its thermal power business to reduce its debt further as well as to cut down on its carbon footprint by almost half.

JSPL has worked tirelessly with a singular focus of debt reduction of more than Rs 20,000 crore from a peak of approximately Rs 46,500 crore in Q3 FY17 to Rs 25,600 crore as reported in Q3FY21.

This reduction of Rs 2,462 crore is over & above the annual committed debt reduction in the financial year 2020-2021.

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“The significant debt reduction is part of our long term financial strategy to create a strong balance sheet. In the coming quarters, we intend to further strengthen our balance sheet and become net debt-free in the near future,” said V R Sharma, MD, JSPL.

The meeting of the board of directors of the company is scheduled on 12/05/2021, to consider and approve, the audited financial results of the company, both on standalone and consolidated basis, for the fourth quarter and year ended on March 31, 2021, of the Financial Year 2020-21.

At 11:28 hrs, Jindal Steel & Power was quoting at Rs 494.65, up Rs 14.25, or 2.97 percent on the BSE.
Moneycontrol News
first published: May 10, 2021 11:44 am

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