 "Jindal Stainless gets notice from JSL Overseas for conversion of preference shares")
Jindal Stainless today said it has received a notice from JSL Overseas, a member of promoter group, for conversion of 48,10,440 cumulative compulsory convertible preference shares of Rs 2 each into 48,10,440 shares of Rs 2 each of the company.
In an exchange filing, the company said the board of directors would consider and decide on allotment of equity shares to JSL Overseas. The filing also said that post conversion into equity, the share capital of Jindal Stainless would increase to Rs 46.24 crore as it gets divided into 23,11,85,445 equity shares of Rs 2 each, from existing Rs 45.28 crore.
Shares of Jindal Stainless were at Rs 41, down 1.32 percent on the BSE.
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