New Delhi : Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) is in talks with banks for various financing options including the RBI’s 5/25 scheme.
“JSPL has also implemented a project, which will qualify for 5/25 scheme and is in discussion with the banks for various financing options including 5/25 scheme,” the firm said in a regulatory filing. Considering the need to allow longer repayment period for term loans to projects, which require elongated servicing period, RBI announced 5/25 scheme.
JSPL shares fell marginally by 0.09% to settle at Rs 57 apiece on the BSE. The firm’s shares took a beating for the last two days amid concerns over its debt situation. Investors became jittery after rating agency Crisil downgraded JSPL and assigned a negative outlook. Fund houses have exposure worth more than Rs 2,000 crore to JSPL Group’s debt instruments, sources said.
For the 2014-15 fiscal, JSPL had a consolidated net debt of Rs 42,929 crore against a net debt of Rs 35,419 crore in 2013-14. For October-December quarter this fiscal, JSPL narrowed its consolidated net loss to Rs 573.48 crore. It reported a net loss of Rs 1,618.78 crore in the year-ago period.
