Jindal Steel surges on allotment of NCDs to Kotak Mahindra Bank

The stock up 7% to Rs 146 on National Stock Exchange.

Jindal Steel and Power has moved higher by 7% to Rs 146 on NSE after the company said it has raised Rs 500 crore by issuing 5,000 non-convertible debentures for cash to Kotak Mahindra Bank.

The Naveen Jindal-led firm said the executive sub-committee of directors of Jindal Power, subsidiary of Jindal Steel & Power Limited has, at its meeting held on December 22, 2014 allotted 5,000 Privately Placed Rated Redeemable Unsecured Non-Convertible Debentures for cash at par aggregating to Rs 500 Crore in three series to the Kotak Mahindra Bank, it said in a BSE filing.

Last week, on December 18, the company had raised Rs 1,000 crore by issuing 10,000 non-convertible debentures for cash to Kotak Mahindra Bank.

The stock opened at Rs 139 and hit a high of Rs 147 on NSE. A combined 7.23 million shares changed hands on the counter till 1444 hours on NSE and BSE.