New Delhi : Loss-making Jindal Stainless is facing fresh troubles in meeting corporate debt restructuring (CDR) obligations as one of its promoter group firms has declined to infuse fresh equity in the company, reports PTI.
Promoter group company Jindal Overseas Holdings (JOHL), authorised to infuse Rs 100.27 crore equity by March, 2014, has now declined to do so and has asked the company to look for alternatives. JOHL has 13.57% stake as on June 30 this year and is the largest stakeholder amongst the promoter group companies of Jindal Stainless. After JOHL’s refusal, the company Board met on last Thursday to discuss a way out and asked a sub-committee to find alternatives so that CDR conditions can be met. The Ratan Jindal-led firm has over Rs 9,000 crore debt.