JBF Industries Ltd to issue shares to KKR Jupiter Investors Pte. Ltd.

The Board of Directors of JBF Industries Ltd at its meeting held on July 31, 2015, has resolved to raise USD 150 million from KKR Jupiter Investors Pte. Ltd.

Out of this amount of Rs. 491,23,11,000/- will be invested in 16,374,370 equity shares of Rs. 10/- each of JBF Industries Limited at a premium of Rs. 290/- per share by way of preferential allotment. The balance will be invested in 12,210,527 Compulsorily Convertible Preferred Shares of JBF Global Pte. Ltd., Singapore, a wholly owned subsidiary of the Company.

The Board of Directors decided to convene an Extraordinary General Meeting of the Company on September 01, 2015 to obtain consent of the Shareholders, for the above transaction.

This transaction will be subject to required regulatory approvals.

Shares of JBF INDUSTRIES LTD. was last trading in BSE at Rs.300.65 as compared to the previous close of Rs. 306.25. The total number of shares traded during the day was 297914 in over 5575 trades.

The stock hit an intraday high of Rs. 318.4 and intraday low of 297.1. The net turnover during the day was Rs. 91729325.

Source : Equity Bulls

Keywords