Jindal Stainless board allots NCDs worth Rs375 crore; Stock jumps 6%

25 Feb 2022 , 12:06 PM

Jindal Stainless Limited had earlier informed that the Board of Directors had approved to raise funds, along with any other co-issuer, by way of issue of debt securities including secured or unsecured non-convertible redeemable debentures or bonds or commercial paper or notes (listed/unlisted) or any combination thereof, through private placement basis or otherwise, in one or more tranches or any other method in the domestic/ international market as may be permitted under the applicable law up to an aggregate principal amount of Rs3,500 crore or its equivalent in any freely convertible foreign currency.

Further  to the matter, the sub-Committee of the Board of Directors of the Company at its meeting held on February 24, 2022, has allotted 3,750 Listed, Rated, Unsecured, Redeemable, Non-Convertible Debentures having nominal value of Rs10 lakh each, aggregating to Rs375 crore to the investors identified by the Sub-Committee at its meeting held on February 23, 2022.

At around 12:09 PM, Jindal Stainless was trading at Rs186.90 apiece up by Rs10.25 or 5.8% on Sensex.