Jindal Steel & Power Denies Rumours of Payment Defaults, Says It’s Business As Usual
Jindal Steel & Power Ltd. on Thursday denied all speculations and rumours that the company has defaulted on payments, calling them “baseless and false in nature”.
"The business is going on as usual and normal and company is generating adequate cash. So much so, that the company has prepaid Rs 300 crore towards non-convertible debentures, earlier than its due date," Managing Director (Designate) VR Sharma said, adding that there hasn’t been any default.
On rumours regarding selloff in pledged shares, Sharma said that "no sale of shares is reported by any of the lenders". In fact, the promoter group is looking to reduce pledged shares at the earliest, he added.
"The company is on track to deliver its highest-ever volumes this year and should be able to generate better returns for its stakeholders," JSPL said in a statement said.
Part of the $18-billion OP Jindal Group, JSPL has presence in steel, power, mining and infrastructure sectors. The company will be reporting its June quarter results on Aug. 14.