Jindal Drilling and Industries Ltd approves purchase of jack-up rig 'Jindal Pioneer'

Subsequent to approval of shareholders through Postal Ballot, the Board of Directors of Jindal Drilling and Industries Limited at its meeting held today, has approved to purchase jack-up rig "Jindal Pioneer" from Discovery Drilling Pte. Ltd., Singapore, (a joint venture of the Company), a related party, at a consideration of USD 75 million, subject to regulatory approvals.

The said rig is presently deployed by Discovery Drilling Pte. Ltd., on a bareboat charter with Saimexicana S.A. de C.V. in Mexico at a day rate of USD 35,000 net of withholding taxes, which will increase sequentially during the present contract to continue till December, 2025.

The said acquisition will be funded by internal accruals. It shall improve operational synergies, increase the scale of operations and profitability of the Company.

Shares of Jindal Drilling And Industries Limited was last trading in BSE at Rs. 611.95 as compared to the previous close of Rs. 569.85. The total number of shares traded during the day was 6193 in over 490 trades.

The stock hit an intraday high of Rs. 617.25 and intraday low of 576.30. The net turnover during the day was Rs. 3678900.00.

Source : Equity Bulls

Keywords

JindalDrillingAndIndustries INE742C01031 JackupRig JindalPioneer Purchase