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Jindal Power Ltd, a subsidiary of Jindal Steel and Power Ltd, has sold its 4.12 per cent shareholding in India Energy Exchange, as part of the group's efforts to bring down its debt.
"As part of the monetisation plan already advised, Jindal Power Ltd has entered into a definitive agreement to divest 4.12 per cent holding in India Energy Exchange at an undisclosed amount as is expected to realise the consideration within the current financial year," an official statement said.
Sources in the know of the development indicated that the stake sale could fetch Jindal Power Ltd a little under Rs 100 crore.
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