Jindal Stainless allots 4810440 shares

Jindal Stainless Ltd has announced regarding receipt of Notice 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.

On September 25, 2015, the Sub Committee of Board of Directors of Jindal Stainless Ltd has approved the allotment of 48,10,440 Equity Shares of Rs. 2 each to JSL Overseas Limited upon conversion of 48,10,440 CCCPS of Rs. 2 each.

Consequent upon the above said allotment, the paid up equity share capital of the Company has increased from 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 shortly in due course of time.

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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