Jindal Stainless Ltd allots Equity Shares & CCCPS on preferential basis

In pursuance of the resolutions passed by the Shareholders in the Extraordinary General Meeting held on March 26, 2014, Jindal Stainless Ltd has allotted the securities to JSL Overseas Limited, a member of the promoter group, on preferential basis.
1,07,50,000 Equity Shares of Rs. 2 each at a price of Rs. 37.65 per Equity Share (including a premium of Rs. 35.65) and 1,58,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of Rs. 2 each at a price per CCCPS equal to Rs. 37.65 (including a premium of Rs. 35.65) were allotted.

The CCCPS shall be converted into Equity Shares within a period of 18 months from the date of allotment of the CCCPS.

Consequent upon the above said allotment of Equity Shares and CCCPS, the total paid up Share Capital of the Company has increased from Rs. 40,92,50,010/- (divided into 20,46,25,005 Equity Shares of Rs. 2 each) to Rs. 46,23,70,890/- (consisting of 21,53,75,005 Equity Shares of Rs. 2 each and 15,810,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of Rs. 2 each).

Shares of JINDAL STAINLESS LTD. was last trading in BSE at Rs.35.95 as compared to the previous close of Rs. 35.7. The total number of shares traded during the day was 114512 in over 1254 trades.

The stock hit an intraday high of Rs. 37.8 and intraday low of 35. The net turnover during the day was Rs. 4180964.

Source : Equity Bulls

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