Jindal Steel & Power closes QIP issue

On 23 March 2018

Jindal Steel & Power announced that the in respect of the QIP, the Corporate Management Committee of the Board of Directors the Company at its meeting held on 23 March 2018, has, inter alia, passed the following resolutions:

a. Approved the closure of the issue period for the QIP today i.e. 23 March 2018;

b. Determined and approved the issue price of Rs. 233.00 per Equity Share (including a premium of Rs. 232.00 per Equity Share), determined as per the formula prescribed under Regulation 85(1) of the SEBI ICDR Regulations, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the QIP;

 

c. Approved and adopted the placement document dated 23 March 2018, in connection with the QIP; and

d. Approved the confirmation of allocation note to be sent to the qualified institutional buyers, intimating them of allocation of Equity Shares pursuant to the QIP.

Accordingly, subject to receipt of application money from the successful qualified institutional buyers and completion of other formalities, the Company proposes to issue and allot up to 51,502,145 Equity Shares at the abovementioned issue price aggregating to a total issue size of approximately Rs. 1,200 crore.

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