Promoters of Jindal Steel & Power Limited (NSEI:JINDALSTEL) led by industrialist Naveen Jindal are in exploratory talks with large global private credit funds and foreign banks to raise up to $3 billion, which will be potentially used to increase promoter holdings, said multiple sources aware of the ongoing discussions. According to the people cited above, the talks with lenders are at a very early stage with no certainty of a transaction. "The talks are preliminary at this juncture but the thought process behind the move is a potential delisting of the company in future," said one of the persons cited above.

"It is equally possible that promoters may decide against increasing their stake from the current level or explore any delisting offer." JSPL, part of the OP Jindal group, is one of India's steel producers. According to the latest data, the promoter Jindal family currently owns a 61.2% stake and has increased holdings by 0.8% point since the June quarter last year. "We do not comment on market rumours or speculation," said a spokesperson.