Jindal Steel and Power Limited on Thursday said that it had failed to pay Rs 15.43 cr interest on non-convertible debentures or NCDs, which was due on 31st October.
Last month, the company had said that it had defaulted on payment of interest on NCDs, due on 30th September, 2016 on account of cash flow mismatches.In the last few months, the Naveen Jindal led firm has divested some of its assets to pare debt. Jindal Steel has a net debt of around Rs 46,000 cr. In October, the company said that it will sell its 24 MW wind power plant in Satara, Maharashtra to an ancillary of India infrastructure Fund II for an unrevealed amount.
In the same manner, in May this year, the company inked an agreement with JSW Energy, a company led by Naveen's brother Sajjan Jindal, to sell its 1,000 MW power plant at Raigarh, Chhattisgarh. According to the deal, JSW Energy will pay at least Rs 4,000 cr, excluding net current assets and an additional Rs 2,500 cr if Jindal Steel’s power plant secures a long term PPA or power purchase agreement.
Likewise, in the month of March, Jindal Steel announced that its ancillary Jindal Power had entered into a definitive agreement to divest 4.12 per cent stake in the Indian Energy Exchange for an unrevealed amount by end of the month.
JINDAL STEEL share price history:
Meanwhile, JINDAL STEEL share price closed trading 0.47 per cent lower at Rs.74.40 on the National Stock Exchange (NSE) today. JINDAL STEEL is analyzed by Dynamic Levels Researchers and stock analysts as the top 500 performing scrips for this quarter among 1700 scrips which are listed on the National Stock Exchange (NSE). For more details on the scrip and also financials and fundamentals of the company, please visit JINDAL STEEL share price history
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