JSPL makes prepayment of Rs. 2462 crore to lenders

JSPL today announced that it has made a prepayment of Rs. 2,462 crore to its term lenders. This is in continuation of its long stated financial strategy of debt reduction and building a robust balance sheet with optimum capital mix.

The Company's production stood at 7.51 Million tonnes during the financial year ended 31st March, 2021. JSPL has recently announced divestment of its thermal power business to reduce its debt further as well as to cut down on its carbon footprint by almost half.

JSPL has worked tirelessly with a singular focus of debt reduction of more than Rs. 20000 crores from a peak of approx. Rs.46,500 Cr in 3QFY17 to Rs.25,600 Cr as reported in 3QFY21. This reduction of Rs.2,462 Cr is over & above the annual committed debt reduction in the financial year 2020-2021.

Speaking on this development JSPL's MD Mr V R Sharma said, "The significant debt reduction is part of our long term financial strategy to create a strong balance sheet. In the coming quarters we intend to further strengthen our balance sheet and become net debt free in the near future".

Shares of JINDAL STEEL & POWER LTD. was last trading in BSE at Rs.480.4 as compared to the previous close of Rs. 459.35. The total number of shares traded during the day was 1033517 in over 12804 trades.

The stock hit an intraday high of Rs. 485.05 and intraday low of 463.65. The net turnover during the day was Rs. 490071884.

Source : Equity Bulls

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