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JBF Industries hits upper circuit

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NEW DELHI: Shares of JBF Industries hit upper circuit limit of 5 per cent on BSE after the KKR Jupiter Advisors agreed to buy out a 100 per cent stake in the company's arm JBF Petrochemicals. "The total debt of $464 million in JBF Petrochemicals will now no longer be consolidated in the accounts of JBF Industries.

This will eliminate all contingent liabilities in the form of guarantees provided to the lenders of the PTA project for a loan of $464 million and interest thereon.

The financial closure of JBF Petrochemicals is scheduled by September 30," the company said in a BSE filing on Monday.

This apart, an amount of Rs 450 crore will be returned by JBF Petrochemicals to JBF Industries, in settlement of the Inter Corporate Deposit provided by JBF Industries.

The funds will be used for repayment of debt (in part) to banks and balance for working capital. Prime Securities and Valueline Advisors were the investment bankers for the deal with KKR and were joint advisors along with BoB capital Markets for the drafting of its debt restructuring of JBF Industries, the company said in its press release. At 03:09 pm, the stock was trading at Rs 41.05 apiece on BSE.




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