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Kotak Special Situations Fund infuses Rs 500 cr in Jindal Stainless

Tuesday, 03 Mar 2020

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Kotak Investment Advisors-managed Kotak Special Situations Fund (KSSF) has made an investment of Rs 500 crore in Jindal Stainless (JSL) in the form of debt and equity.

This will help the company to come out of the corporate debt restructuring (CDR) process as it will aid in repaying its loans and debt obligations to banks. Kotak Special Situations Fund is a USD one billion fund with a mandate to invest in special situations in India.

Under the transaction, KSSF has purchased equity shares from lenders of Jindal Stainless and invested in debentures of the company to repay the optionally convertible redeemable preference shares (OCRPS) and recompense due to lenders as part of the CDR package.