JBF Industries surges on board's proposal for redemption of preference shares

JBF Industries rose 3.59% to Rs 73.65 at 14:40 IST on BSE after the firm's board decided for redemption of 1.13 crore, 2.5% redeemable preference shares at par in exchange for 14.15 lakh 20% cumulative redeemable preference shares at Rs 800 per share

The announcement was made after market hours on Tuesday, 4 March 2014.

Meanwhile, the S&P BSE Sensex was up 61.44 points or 0.29% at 21,271.17.

On BSE, so far 17.95 lakh shares were traded in the counter as against average daily volume of 11,000 shares in the past two weeks.

The stock hit a high of Rs 75.50 and a low of Rs 69.50 so far during the day.

JBF Industries' board of directors decided for redemption of 1.13 crore, 2.5% redeemable preference shares of Rs 100 each at par in exchange for 14.15 lakh 20% cumulative redeemable preference shares Rs 100 each at a premium of Rs 700 per share.

JBF Industries said that an Extra Ordinary General Meeting of the equity and preference shareholders of the company will be held on Wednesday, 26 March 2014 immediately upon conclusion of the meeting of the preference shareholders on the same day.

JBF Industries' consolidated net profit declined 88.4% to Rs 3.47 crore on 22.5% growth in net sales to Rs 2132.01 crore in Q3 December 2013 over Q3 December 2012.

JBF Industries produces polyester chips for textiles, films and bottles, and polyester partially oriented yarns.

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