Jindal Stainless issues Rs 100-cr shares to promoter firm

Jindal Stainless today said it has allotted over 1.35 crore equity shares of the company to one of its promoters Jindal Overseas Holdings on preferential basis for a total consideration of Rs 100 crore.

"...The company has allotted 1,35,50,000 equity shares of face value of Rs 2 each at a price of Rs 74 per share...To Jindal Overseas Holdings Ltd, a member of the promoter group, on preferential basis," it said in a BSE filing.

The shares were issued on March 30. Scrip of the company today settled at Rs 53.40 apiece, up 12.30% over the previous closing on the BSE.

Jindal Stainless, country's largest stainless steel maker, said the allotment has been made in terms of requirement prescribed under duly approved Reworked Debt Restructuring Scheme by the CDR cell.

"Further, in terms of the said requirement, the second tranche of up to 1,35,50,000 equity shares will also be allotted by the company by June 30, 2013," it added.

Jitender P Verma, Executive Director (Finance), Jindal Stainless, in a company statement, said, "This equity infusion has been made pursuant to the  requirement prescribed under the Reworked Debt Restructuring Scheme approved by the CDR." Cell."

Promoters held, as on December-end, 2012, 39.08% stake in Jindal Stainless, including 7.43% stakeholding by Jindal Overseas Holdings.