Jindal Saw to issue 2730000 warrants

Jindal Saw Ltd has announced that the Board of Directors of the Company at its meeting held on May 21, 2009, inter alia, has approved, subject to necessary approvals, the issuance / allotment of 27,30,000 Warrants with each warrant convertible into one (1) equity share of Rs 10/- each at a price not less than Rs 308.08 to M/s. Anbeeco Investments Ltd., a Company belonging to the Promoter Group.

The Board has also convened an Extraordinary General Meeting of the members of the Company on June 20, 2009 to approve the above proposal of issuance of warrants.

The stock closed the day at Rs.358.10, up by Rs.7.95 or 2.27%. The stock hit an intraday high of Rs.373 and low of Rs.348.

The total traded quantity was 133880 compared to 2 week average of 362358.

Source : Equity Bulls

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