Jindal Stainless exits CDR framework, will now focus on cost optimisation

CDR lenders get full recompense of Rs 275 cr; JSL also fully redeems Optionally Convertible Redeemable Preference Shares, paying Rs 558 cr

Jindal Stainless Limited (JSL) today announced its successful exit from the Corporate Debt Restructuring (CDR) framework with effect from March 31, 2019. The Delhi-based company on Wednesday received a letter from the consortium of CDR Lenders to this effect.

Pursuant to this, existing CDR lenders have realised the full recompense of about Rs 275 crore in cash, which will add to their income in the current fiscal itself. Additionally, JSL has paid Rs 558 crore in order to fully redeemed the outstanding optionally convertible redeemable preference shares (OCRPS) issued to the lenders in June 2017. With this, aggregate payments made