Jindal Stainless Ltd approves issue of 168284309 shares

The Sub Committee of Board of Directors of Jindal Stainless Ltd at its meeting held on June 15, 2016 has considered and approved the issuance of 16,82,84,309 (Sixteen Crore Eighty Two Lacs Eighty Four Thousand Three Hundred Nine) equity shares of Rs. 2 each at a price of Rs. 21.76 (including premium of Rs. 19.76 per share) per share to Jindal Stainless (Hisar) Limited ("JSHL") on preferential basis against Rs. 366,18,66,570/- (Rupees Three Hundred Sixty Six Crore Eighteen Lacs Sixty Six Thousand Five Hundred Seventy only), being the amount due and payable by the Company to JSHL as of the 'Appointed Date 1 ' i.e. close of business hours before midnight of March 31, 2014 as specified in the Composite Scheme of Arrangement amongst the Company, JSHL, Jindal United Steel Limited and Jindal Coke Limited and their respective shareholders and creditors, as approved by the Hon'ble High Court of Punjab & Haryana at Chandigarh vide its order dated September 21, 2015 (as modified vide order dated October 12, 2015). The Company shall make necessary application for obtaining in-principal approval for listing of the equity shares to be allotted by the Company to JSHL.

Consequent upon the aforesaid issuance and allotment of shares post receipt of In-principle approval from the Stock Exchanges, the paid up share capital of the Company will increase from Rs. 46,23,70,890/- to Rs. 79,89,39,508/- divided into 39,94,69,754 equity shares of Rs. 2 each.

Shares of JINDAL STAINLESS LTD. was last trading in BSE at Rs.15.95 as compared to the previous close of Rs. 15.9. The total number of shares traded during the day was 20992 in over 144 trades.

The stock hit an intraday high of Rs. 16.25 and intraday low of 15.75. The net turnover during the day was Rs. 334532.

Source : Equity Bulls

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