Jindal Steel&Power Limited sells 24MW wind power project; shares see high

Shares of Jindal Steel & Power Limited, on 5 October, are trading high for a second successive session as the company executed an agreement for the sale of 24MW Wind Power. The deal was made with a self owned subsidiary of India Infrastructure Fund II.

India Infrastructure Fund is a private equity arm of IFDC Limited. Jindal Steel & Power shares rose to Rs 85.20 in early trades, but gave up some gains subsequently. At Rs 83.30, the stock is currently up by about 1%. The stock hit a high of Rs 98.10 on 31 January 2016, but dropped down to Rs 48.50 by end February.

According to a report in Livemint, JSW Steel is currently trading at Rs 1792.55, up by 8.05 points or 0.45% from its previous closing of Rs 1784.50 on the BSE.

Jindal Steel & Power, in order to restructure loans around 550 million dollars, had hired Capital Optima couple of months ago.

Previously in May, JSW Energy had agreed to acquire a 1000-megawatt thermal power plant in Chhattisgarh from JSPL, for up to Rs 6500 crore ($975 million) including debt.