Jindal Poly Films shares gained as much as 2.23 per cent in the morning trade on Monday after the company announced that it has completed refinancing of the acquisition loans availed for acquiring the BOPP films business of Exxon Mobil. (Express Photo)
Jindal Poly Films shares gained as much as 2.23 per cent in the morning trade on Monday after the company announced that it has completed refinancing of the acquisition loans availed for acquiring the BOPP films business of Exxon Mobil. The loans of $160 million were availed in September 2013, and were backed by Corporate Guarantee of Jindal Poly Films (JPFL). After a series of early repayments the current outstanding as on September 30, 2015 was $91.84 million.
At 11.12 am, shares of Jindal Poly Films were up 1.51 per cent at Rs 490.90 apiece. The scrip opened at Rs 477.10 and had touched a high and low of Rs 494.40 and Rs 477.10, respectively, in trade so far. Sensex was down 18.40 points at 27,061.
In a BSE filing, the company said, “These loans have now been refinanced without Corporate Guarantee of JPFL. The new syndicated loan of $93 million is secured on the basis of assets and shares of the acquired entity and its subsidiaries only. The loans were led and arranged by Credit Agricole Corporate and Investment Bank, and participated by a consortium of Indian, European and American lenders.”
Jindal Poly Films is a part of the diversified B C Jindal group. The group has interests in Flexible packaging, Photographic products, Thermal power generation and Steel products. JPFL has the world’s single largest site for production of BOPP and BOPET films at Nasik, India. Its current Global combined capacity of BOPET and BOPP is 572,000 TPA.
Last one week high and low of the scrip stood at Rs. 498.00 and Rs. 440.90 respectively. The current market cap of the company is Rs. 2,057.00 crore.
The promoters holding in the company stood at 74.63% while Institutions and Non-Institutions held 1.66% and 23.71% respectively.
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