Jindal Steel and Power (JSPL) has managed to cough up money to repay mutual funds from whom the debt-laden company had borrowed.
The Naveen Jindal controlled steel-to-power conglomerate will pay back mutual funds including ICICI Prudential and Reliance—about Rs 250 crore on Monday when the bonds issued to these investors expire.
Franklin Templeton Investments had dumped its entire JSPL debt holdings last month following the downgrade in company's papers to 'D' or default category.
In response to a query on the matter, a JSPL spokesperson said, "We will honour our commitment and make the payment on the due date".
On Monday, JSPL will pay back about Rs 200 crore out of the Rs 500 crore it owes ICICI Prudential Mutual Fund. It will also repay Rs 50 crore to Reliance Mutual Fund.
Franklin exited from four JSPL securities maturing over the next two to five years at Rs 67.5 per bond as against a face value of Rs 100.
