Jindal Stainless Limited (JSL) announced its successful exit from the Corporate Debt Restructuring (CDR) framework with effect from March 31, 2019. <\/p>\n\n\n\n

JSL 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 fully redeemed the outstanding Optionally Convertible Redeemable Preference Shares (OCRPS), which were issued to the lenders in June 2017, and has paid around Rs 558 crore, taking the aggregate realisation of lenders to around Rs 833 crore. <\/p>\n\n\n\n

Earlier, promoter group entity infused equity and subsequently JSL issued Non-convertible Debentures (NCDs) worth Rs 400 crore to Kotak Special Situations Fund (KSSF). These funds assisted JSL in redeeming the OCRPS. <\/p>\n\n\n\n

Commenting on this milestone development, Managing Director, JSL, Mr Abhyuday Jindal said, \u201cThe exit from CDR marks a significant step forward for JSL. This underlines the improvement in JSL\u2019s liquidity profile and profitability. The exit will not only provide financial and operational flexibility to our business, but will pave the way for a new growth phase. The CDR tenure was prolonged as sustained imports impacted our top-line growth. We are grateful to all our stakeholders, especially our lenders, for their continued faith in us.\u201d <\/p>\n\n\n\n

The Company has seen an improvement in net debt-equity ratio which stood at 1.3 as on December 31, 2019, as compared to 3.2 as on March 2017. <\/p>\n\n\n\n

Going forward, JSL aims to focus on cost optimisation strategy and would be evaluating opportunities for attaining higher operational efficiency. <\/p>\n","protected":false},"excerpt":{"rendered":"

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