SBI Cap takes over collateral for 56% stake in Jindal Stainless

As on June 30, 2020, promoter and promoter group of Jindal Stainless held 68.12 per cent stake in the firm company with the balance 31.88 per cent being public shareholding.

SBICAP Trustee Company on Wednesday said it acquired 56.17 per cent stake in Jindal Stainless (JSL). The latter’s promoters had pledged shares as collateral to secure a term loan of Rs 400 crore from IndusInd Bank.

JSL had pledged 13.02 million shares to secure the term loan, said SBICAP in a BSE filing. “Since multiple promoter group entities — spread across different locations — were involved and due to the challenges arising out of Covid, the last promoter entity of JSL signed the agreement on September 21, 2020. Therefore, the disclosure is being made within two working days from September