JSL approves fund raising proposal

JSL Ltd has announced that the Board of Directors of the Company at its meeting held on April 06, 2009, inter alia, has approved the issue of equity shares of the Company and / or securities linked to, or convertible into equity shares of the Company on a rights basis to the existing equity shareholders of the Company, upto a maximum aggregate amount of Rs 500 Crore.

The Board approved raising money through an international offering, by way of issue of foreign currency convertible bonds (FCCBs) / global depository receipts (GDRs) / American depository receipts (ADRs) upto an aggregate principal amount of USD 100 million, subject to approval of shareholders.

The Board also approved issue of equity shares to Qualified Institutional Buyers through a Qualified Institutional Placement upto an aggregate amount of Rs 500 Crore, subject to approval of shareholders.

The Board has also constituted a Committee to determine the terms and conditions at which the above securities are to be issued.

The stock closed on Monday at Rs.45, up by Rs.1.15 or 2.62%. The stock hit an intraday high of Rs.46.70 and low of Rs.44.15.

The total traded quantity was 53878 compared to 2 week average of 90440.

Source : Equity Bulls

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