Jindal Power to raise Rs 10000 crores through IPO

Jindal Steel & Power Ltd has announced that Jindal Power Ltd. (JPL), a subsidiary of the Company has informed that their Board of Directors in its meeting held on December 10, 2009 has decided, subject to approval of shareholders, to go for initial public offer (IPO) of the equity shares of Rs. 10/- each upto amount of Rs. 10,000/- crores (Rupees ten thousand crores).

Jindal Power Ltd. will be holding Extra Ordinary General Meeting of the members of the Company for obtaining their approval for the said IPO.

The Jindal Steel & Power stock closed the day at Rs.731.05, up by Rs.7.25 or 1%. The stock hit an intraday high of Rs.735 and low of Rs.720.

The total traded quantity was 436491 compared to 2 week average of 635396.

Source : Equity Bulls

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