Lenders released 352 million pledged shares, says Jindal Stainless

Jindal Stainless Ltd (JSL) on Friday said lenders have released about 35.2 crore pledged shares, amounting to 42.74 per cent stake in the company.

The shares were released during November 21-22, JSL said in a regulatory filing.

Following this, there would not be any equity shares pledged with lenders and all equity shares of the company held by promoters and the promoter group will be free from any encumbrances, the company said.

The encumbrance was initially created in 2010 for over 6.53 crore shares having a market value of Rs 706 crore.

The encumbered shares increased over the years with capital infusion and stood at 36.99 crore shares with a market value of Rs 18,700 crore.

Of this, 35.2 crore shares were pledged with lenders, while remaining shares of the promoter were locked in under the regulatory norms.

Jindal Stainless is the country's largest stainless steel making company and ranks among top 15 entities in the sector globally.