The promoter of Jindal Stainless, JSL Overseas, has pledged 11.49 percent stake in the company with SBICAP Trusteeship Company.

The steel maker has said in a regulatory filing that its promoter has pledged around 2.66 crore shares or 11.49 percent stake with SBICAP Trusteeship Company in a bid to “secure the financial facilities availed by Jindal Stainless(JSL).”

It further said that the promoter pledged its stake on June 17, 2016.

JSL Overseas held 11.49 percent stake in the stainless steel maker as of March 2016.

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