 "JBF Industries rallies on plan to issue preferential shares to KKR")
JBF Industries has moved higher by 13% to Rs 253 on the National Stock Exchange (NSE) in noon deal after the company announced a plan to raise funds by issue shares to global private equity investor KKR at price of Rs 300 per share on a preferential basis.
“The board of directors of the company will meet on Monday, December 28, to issue and allot 16.37 million equity shares of Rs 10 each on preferential basis to KKR Jupiter Investors Pte Ltd., Singapore, at Rs 300 per equity share (at a premium of Rs 290 per equity share),” JBF Industries said in a BSE filing.
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.
JBF Group manufactures polyester value chain products that are used in the fast-moving consumer goods (FMCG), textile and packaging industries.
At 02:42 p.m. the stock was up 10% at Rs 248 as compared to 0.54% decline in the Nifty 50 index. The trading volumes on the counter jumped nearly five-fold with a combined 1.47 million shares changed hands on the NSE and BSE so far.
“The board of directors of the company will meet on Monday, December 28, to issue and allot 16.37 million equity shares of Rs 10 each on preferential basis to KKR Jupiter Investors Pte Ltd., Singapore, at Rs 300 per equity share (at a premium of Rs 290 per equity share),” JBF Industries said in a BSE filing.
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.
JBF Group manufactures polyester value chain products that are used in the fast-moving consumer goods (FMCG), textile and packaging industries.
At 02:42 p.m. the stock was up 10% at Rs 248 as compared to 0.54% decline in the Nifty 50 index. The trading volumes on the counter jumped nearly five-fold with a combined 1.47 million shares changed hands on the NSE and BSE so far.
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