Hexa Tradex holds 5000 cr value in unlisted companies


  • Hexa Tradex holds 5000 cr value in unlisted companies
  • Hexa Tradex holds Virtuous Tradecorp Private Limited and Siddeshwari Tradex Private Limited
  • Virtuous Tradecorp Private Limited
    • VTPL derives strong financial flexibility, emanating from the significant market value of its investments across various O.P. Jindal group companies. As on December 31, 2024, market value of VTPL’s quoted investments is ~₹23,400 crore, providing a strong debt coverage of ~55x against rated NCDs of ₹425 crore (debt cover of over ~39x considering only the market value of unencumbered quoted investments). The company also holds unquoted investments of ~₹170 crore as on December 31, 2024. Under different stress scenarios conducted based on historical share price of investee companies in the last five years, debt cover stands more than adequate. The debt cover for this NCD at a five-year average share price stood comfortably at 18x, considering that it includes lower prices recorded in the COVID period. Over the years, dividend and interest income generated from its investments remained sole source of revenue for the company. In FY24 (refers to April 01 to March 31) and H1FY25, the company recorded dividend income of ₹71.50 crore, ₹88.79 crore respectively 
  • Siddeshwari Tradex Private Limited
    • STPL has significant shareholding in OP Jindal group companies including Jindal SAW Limited (rated CARE AA; Stable/CARE A1+), JSW Steel Limited (JSW, rated CARE AA; Stable/CARE A1+), Jindal Steel and Power Limited (JSPL, rated CARE AA; Stable/CARE A1+), JSW Energy Limited among others lending financial flexibility to the company as the market value of the investment in these companies is high. The total market value of the investments held by STPL stood at ₹40,954 crore as on September 30, 2024. The market value of unpledged shares remains comfortable at ₹30,469 crore as on September 30, 2024, leading to a comfortable free market value to total debt cover of 6.64 times as on September 30, 2024. Further, the proportion of pledged shares decreased from 43% as on March 31, 2023, to 22.60% as on September 30, 2024. Healthy market value of the investment provides financial flexibility to STPL, to meet all its debt servicing obligations and incremental investments/support towards its group companies.

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