JSW Steel Converts FCDs issued to JFE Steel Corporation

JSW Steel Ltd has announced that pursuant to the occurrence on October 07, 2010 of the Trigger Event specified in the terms and conditions of the issue of fully convertible debenture ('FCD') issued by the Company to JFE Steel Corporation ('JFE'), the FCD of face value of Rs. 48,00,71,97,458 has automatically and mandatorily converted into 3,20,04,798 equity shares of the Company, in accordance with the terms and conditions of the issue of the FCD, with effect from October 07, 2010.

The stock closed the day at Rs.1371.15, down by Rs.8.30 or 0.60%. The stock hit an intraday high of Rs.1395 and low of Rs.1363.20.

The total traded quantity was 1.33 lakhs compared to 2 week average of 2.63 lakhs.

Source : Equity Bulls

Keywords