Shares of Jindal Stainless Ltd will be in focus on Thursday morning after the company disclosed indirect encumbrance over certain equity shares for the benefit of certain lenders and other finance parties in respect of certain financial indebtness being availed by JSL Overseas Holding.
JSL Overseas Holding Limited availed certain financial Indebtedness facility pursuant to the terms and conditions set out in the facility agreement entered into, inter alia, between JOHL (as the borrower), Jindal Stainless Global Limited, parent company of JOHL, Deutsche Bank AG, Singapore Branch (as lender), Deutsche Bank AG, Singapore Branch (as agent), Deutsche Bank AG, Singapore Branch (as calculation agent), and Deutsche Bank AG, Singapore Branch (as security agent).
"The terms of the Facility Agreement stipulate certain arrangements and transactions in relation to assets of JOHL and creation of a charge over 100 per cent of the shares held by JSGL in JOHL in favour of the Deutsche Bank AG, Singapore Branch (as the security agent). For the avoidance of doubt, JOHL has not created pledge over shares of Jindal Stainless Limited in any form or manner," Jindal Stainless said.
As on date JOHL directly holds 12,43,33,659 shares in Jindal Stainless Limited.
"No pledge has been created over the shares in Jindal Stainless Limited in favour of Deutsche Bank AG, Singapore Branch (as security agent)," Jindal Stainless said.
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