Jindal Steel jumps over 4% on pref allotment to promoters

Jindal Steel jumps over 4% on pref allotment to promoters

31/03/2017 12:19

Shares of Jindal Steel & Power soared over 4 per cent on the Bombay Stock Exchange after the company said that its board approved issue of 4.80 crore convertible warrants to Opelina Finance and Investments, a promoter group entity on preferential basis, subject to shareholders’ approval and other regulatory approvals.

Following the announcement, shares of company gained as much as 4.14 per cent to hit an intra-day high of Rs 123.85 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company were up 3.66 per cent to trade at Rs 123.35 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 29,577.73, down 69.59 points or 0.24 per cent, at 12:15 hours.

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