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| Exchange Disseminated Time 23/12/2016 20:02:21 | Jindal Stainless Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 23, 2016, inter alia, has approved the following subject to approval of Shareholders and compliance with applicable SEBI Regulations:
1. Issuance of Equity Shares to the Lenders of the Company for an aggregate amount of Rs. 250 Crore on Preferential Basis upon conversion of Funded Interest Term Loan (“FITL”).
2. Issuance of Preference Shares to the Lenders of the Company for an aggregate amount of Rs. 650 Crore (Approx.) on Preferential Basis upon conversion of Funded Interest Term Loan I & II (“FITL”).
3. Issuance of Compulsorily Convertible Debentures (CCDs) to Promoter Group of Companies on Preferential Basis as follows:
- Jindal Stainless (Hisar) Limited for an amount up to Rs. 250 Crore;
- Jindal United Steel Limited for an amount up to Rs. 120 Crore; and
- Jindal Coke Limited for an amount up to Rs. 60 Crore.
4. Issuance of Compulsorily Convertible Warrants (CCWs) to the Promoter Group of Companies for an aggregate amount of Rs. 75 Crore on Preferential Basis.
The price of the above securities to be issued will be determined as per regulation 76 of Securities and Exchange Board of India (Issuance of Capital and Disclosure Requirements) Regulations, 2009. The Board of Directors has authorized the Sub Committee of Board of Directors to decide the date for convening the Extraordinary General Meeting (EGM) to seek approval of the Shareholders to the above. Date of the EGM and the price will be informed to you as soon as the same is finalized.
The meeting of the Board of Directors commenced at 11.00 A.M. and concluded at 7.30 P.M. |
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