Jindal Saw Ltd approves conversion of 43530596 CCDs

Pursuant to the approval of shareholders and in-principle approval granted by the Exchange, 43530596 CCDs convertible into equal number of equity shares of Rs. 2/- each at a conversion price of Rs. 81.10 per equity shares were allotted on preferential basis to Four Seasons Investments Ltd., a promoter group entity on December 05, 2014.

In terms of the issue of aforesaid CCDs second trench of 1,44,98,696 CCDs are to be converted into equal number of equity shares any time during April 01, 2015 to March 31, 2016. Accordingly, the Board of Directors of the Company has in its meeting held on May 07, 2015, has allotted 1,44,98,696 equity shares of Rs. 2/- each by converting the equal number of CCDs at a fixed conversion price of Rs. 81.10 per equity shares to the above entity. These shares shall rank pari-passu in all respect including dividend with the existing equity shares of the Company and are subject to Memorandum and Articles of Association of the Company. These shares shall also remain under lock-in as per the applicable guidelines.

Shares of JINDAL SAW LTD. was last trading in BSE at Rs.64.3 as compared to the previous close of Rs. 66.95. The total number of shares traded during the day was 206223 in over 1258 trades.

The stock hit an intraday high of Rs. 66.95 and intraday low of 63.8. The net turnover during the day was Rs. 13397248.

Source : Equity Bulls

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