Jindal Steel promoters receive 4.5% pledged stake from OPJ Trading

economictimes.indiatimes.com:

Promoters of steelmaker Jindal Steel and Power Ltd (JSPL) got 4.5% pledged stake in the company released between late June and early July, the company informed stock exchanges on Wednesday. OPJ Trading Private Ltd, a promoter entity, released on Tuesday a pledge on 43 million shares, equalling 4.23% stake in the company. The shares were pledged with SBICAP Trustee Company Ltd.

OPJ Trading Private Ltd held 18.47% stake in JSPL as on June 23, data showed. Meanwhile, Siddheshwari Tradex Private Ltd, another promoter entity, got its pledged shares released from two lenders — IndusInd Bank and RBL Bank — in late June. The pledged shares represent a 0.29% stake in the company.

Siddheshwari Tradex has a total of 7.69% stake in the company, of which more than 4% is encumbered. Shares of JSPL ended more than 2% higher at ₹624 on the National Stock Exchange on Wednesday. The promoters of JSPL have been gradually releasing their pledged shares over the past few months.