Jindal Stainless Ltd to convert CCCPS into equity shares

Jindal Stainless Ltd have received a Notice dated September 22, 2015, from JSL Overseas Limited, a member of promoter group, for conversion of 48,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of Rs. 2 each into 48,10,440 Equity Shares of Rs. 2 each of the Company.

The Board / Committee of Directors would consider and decide on allotment of Equity shares to JSL Overseas Limited pursuant to the abovesaid notice and thereupon the paid up equity share capital of the Company would increase from existing Rs. 45,27,50,010 to Rs. 46,23,70,890 divided into 23,11,85,445 equity shares of Rs. 2 each. The requisite formalities for listing of the new shares shall be completed post allotment of the shares.

Shares of JINDAL STAINLESS LTD. was last trading in BSE at Rs.39.4 as compared to the previous close of Rs. 40.85. The total number of shares traded during the day was 147824 in over 1535 trades.

The stock hit an intraday high of Rs. 41.4 and intraday low of 38.8. The net turnover during the day was Rs. 5914268.

Source : Equity Bulls

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