JSW ISPAT Steel Ltd allots 130031371 shares to CDR lenders

The Securities Issue Committee of Board of Directors of JSW ISPAT Steel Ltd, at its meeting held on May 18, 2012, has allotted an aggregate of 13,00,31,371 Equity Shares of Rs. 10/- each in the Company, on preferential basis, at a premium of Rs. 4.74 per share, to the CDR Lenders of the Company.

The aforesaid equity shares have been allotted to the respective lenders upon their opting to convert a part of their outstanding Working Capital Term Loan (WCTL)/Funded Interest Term Loan (FITL)/Rupee Term Loan (RIL) into equity shares, in terms of the approval granted by CDR Empowered Group.

The aforesaid equity shares shall rank pari-passu interse with the existing equity shares of the Company in all respect, including dividend.

The JSW ISPAT Steel Ltd stock was trading at Rs.10.25, up by Rs.0.28 or 2.81%. The stock hit an intraday high of Rs.10.55 and low of Rs.9.50.

The total traded quantity was 9.59 lakhs compared to 2 week average of 5.95 lakhs.

Source : Equity Bulls

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