 "JBF Industries gains on fund infusion plan by KKR")
Shares of JBF Industries were trading higher by 4% to Rs 311 on the BSE after the company said private investor KKR will invest $150 million (Rs 930 crore) in the company for a minority stake.
The board of directors of JBF Industries had, on July 31, 2015, resolved to raise $150 million from KKR Jupiter Investors Pte. Ltd, subject to required regulatory approvals.
Out of this, an amount of Rs 491 crore will be invested in 16.37 million equity shares of Rs 10 each of JBF Industries at a premium of Rs 290 per share by way of preferential allotment. The remaining amount will be invested in 12.21 million compulsorily convertible preferred shares of JBF Global Pte. Ltd., Singapore, a wholly owned subsidiary of the company.
JBF Group manufactures polyester value chain products that are used in the fast-moving consumer goods (FMCG), textile and packaging industries. JBF Group has six manufacturing facilities across India, Bahrain, Belgium and UAE.
The stock opened at Rs 312 and touched a record high of Rs 316 on the BSE. Till 09:51 AM, a combined 594,297 shares changed hands on the counter on the BSE and NSE.
The board of directors of JBF Industries had, on July 31, 2015, resolved to raise $150 million from KKR Jupiter Investors Pte. Ltd, subject to required regulatory approvals.
Out of this, an amount of Rs 491 crore will be invested in 16.37 million equity shares of Rs 10 each of JBF Industries at a premium of Rs 290 per share by way of preferential allotment. The remaining amount will be invested in 12.21 million compulsorily convertible preferred shares of JBF Global Pte. Ltd., Singapore, a wholly owned subsidiary of the company.
JBF Group manufactures polyester value chain products that are used in the fast-moving consumer goods (FMCG), textile and packaging industries. JBF Group has six manufacturing facilities across India, Bahrain, Belgium and UAE.
The stock opened at Rs 312 and touched a record high of Rs 316 on the BSE. Till 09:51 AM, a combined 594,297 shares changed hands on the counter on the BSE and NSE.
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