|
| Exchange Disseminated Time | Jindal Strips Limited has informed BSE that it has received a non-binding in-principle letter of interest from CVC International (CVC), a unit of Citigroup Global Investments, for investing upto US$10 million towards their intended purchase of outstanding Foreign Currency Convertible Bonds (FCCBs) from existing holders, with the objective of converting these bonds into equity shares of Jindal Stainless Ltd (the Company), post demerger.
The intended purchase by CVC is conditional upon various matters including approvals by the holders of the FCCBs and the investment committee of CVC, completion of a due diligence process, receipt of regulatory approvals, if required, and negotiation and execution of final details agreements with the company and the promoters. CVC intends to negotiate and finalise the agreements over the next few weeks. The in-principle letter of CVC is not binding and does not constitute an agreement or decision to purchase the FCCBs. |
|
|