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| Exchange Disseminated Time 06/11/2015 17:44:27 | Jindal Stainless Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 06, 2015, inter alia, has approved the following:
1. Appointment of Mr. Subrata Bhattacharya as Whole-time Director with effect from November 06, 2015 for a period of 3 (three) years
2. Issuance of Equity Shares of Rs. 250 Crores (Rupees Two hundred Fifty Crores) and Cumulative Redeemable Preference Shares (CRPS) / Optionally Convertible Redeemable Preference Shares (OCRPS) of about Rs. 800 Crores (Rupees Eight Hundred Crores only) to CDR Lenders subject to shareholders approval and compliance with the applicable SEBI Regulations, as specified in the Asset Monetization and Business Re-organization Plan (AMP) approved by the CDR-Empowered Group vide its letter dated December 26, 2014.
3. Issuance of Equity shares of the Company to Jindal Stainless (Hisar) Limited (JSHL) for a total amount of Rs. 366,18,66,570 (Rupees Three Htindered Sixty Six Crore Eighteen Lacs Sixty Six Thousand Five Hundred Seventy only) being the amount due and payable by the Company to JSHL as of the ‘Appointed Date 1’ i.e. close of business hours before midnight of March 31, 2014 at a price to be determined in accordance with Chapter VII of the SEBI (ICDR) Regulations, 2009, with the record date i.e. November 21, 2015 (jointly decided by the Board of Directors of the Company and JSHL) being considered as relevant date as specified the Scheme of Arrangement among the Company and Jindal Stainless (Hisar) Limited and Jindal United Steel Limited and Jindal Coke Limited and their respective shareholders and creditors, as approved by the Hon’ble High Court of Punjab and Haryana vide its order dated September 21, 2015 (as modified on October 12, 2015). |
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