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Sajjan Jindal, Chairman of JSW Group, has repaid Rs 342 crore of his debt to release 1.26 crore of pledged shares in JSW Steel and 6.98 crore pledged shares of JSW Energy. Jindal has so far repaid Rs 2,700 crore of loans in three tranches.
In October, Jindal, promoter the JSW Group, repaid Rs 1,200 crore of loan raised against pledging of JSW Steel and JSW Energy shares.
In September, he paid RS 1,150 crore loan to release pledged shares of JSW Steel.
The shares of JSW Steel and JSW Energy were beaten down due to debt concern. When share prices fall sharply, promoters who have raised money through pledged shares have to bring in more money to compensate the fall in value of pledged shares or cut their exposure by pre-paying debt.
Despite the benchmark index Sensex hitting a new high, shares of JSW Steel has been languishing for long.
Shares of JSW Steel has fallen from a 52-week high of Rs 354 last November to 52-week low of Rs 202 this August. The stock is currently trading at Rs 252.
Similarly, JSW Energy shares have fallen from 52-week high of Rs 80 logged last November to Rs 52-week low of Rs 58. These shares are traded at Rs 74 on Monday.
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