Jindal Stainless allots over 1.4cr equity shares to promoter group; Stock under pressure

The allotment was after Virtuous Tradecorp exercised the option of conversion of 1,40,30, 165 Warrants.

Aug 26, 2021 09:08 IST India Infoline News Service

Jindal Stainless
Jindal Stainless Limited has allotted 140,30,165 equity shares of the face value of Rs2/- each to Virtuous Tradecorp Private Limited (VTPL) after the promoter group company exercised the option of conversion of 1,40,30,165 Warrants. The company allotted shares upon receipt of 67% of the subscription money on said Warrants.
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The company had allotted 3,82,60,868 convertible equity warrants in September last year, of the face value of Rs2/- each at a price of Rs42.55, on receipt of subscription money @ 33% of the issue price.

Consequent to above allotment, the paid-up equity share capital of the Company has increased from Rs97,44,69,200/- divided into 48,72,34,600 equity shares of face value of Rs2/- each to Rs1,00,25,29,530/- divided into 50, 12,64,765 equity shares of face value of Rs2/- each.

At around 9.41 AM, Jindal Stainless Ltd was trading at Rs147.50 per piece down by Rs2 or 1.34% from its previous closing of Rs149.50 per piece on the BSE.

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