Sponge iron maker Jai Balaji Industries today said it plans to raise Rs 450 crore through the issue of securities to qualified institutional buyers (QIBs) on a private placement basis.     

"The board of directors has accorded in-principle approval for issue of equity shares or securities convertible into shares, to eligible QIBs through qualified institutional placement (QIP) for an amount not exceeding Rs 450 crore," Jai Balaji said in a filing to the Bombay Stock Exchange.     

Click here for Cloud Computing

Also Read   Related Stories News Now - Orissa Sponge Iron March qtr net loss at Rs 20 cr - There is something absorbing about Orissa Sponge - Bengal draws land acquisition plan for large projects

Also Read   Related Stories News Now - Weekly: Indices surge 3% led by rate sensitives - Domestic news for the week - G20 foreign ministers to discuss global issues in Mexico - Indian cos invested $26 bn in US in 5 yrs: Nirupama Rao - UP gears up for fourth phase of polls More

Shares of Jai Balaji were trading at Rs 160, down 1 per cent in afternoon trade on BSE.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Weekly: Indices surge 3% led by rate sensitives - Domestic news for the week - G20 foreign ministers to discuss global issues in Mexico - Indian cos invested $26 bn in US in 5 yrs: Nirupama Rao - UP gears up for fourth phase of polls

Tags : Jai Balaji Industries | Sponge iron | QIB   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  Medium-sized businesses are the engines of a smarter planet. -  Save over Rs.3000 with IndianOil Citibank Card -  India's No. 1 Property Site. Click here to know more.. -  Get 5% cashback on telephone bills with Citi -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Enjoy the journey as much as the destination. click to know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Office 365 for professionals and small businesses. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more