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| Exchange Disseminated Time | Jindal Stainless Ltd has informed BSE that the Board of Directors of the Company on February 25, 2014, has approved by way of resolutions through circulation, inter alia the following matters:
- Subject to approval of Shareholders, to make a Preferential Allotment of Equity Shares and Cumulative Compulsory Convertible Preference Shares (CCCPS) to "JSL Overseas Limited", a promoter group entity, on or before March 31, 2014 in the following manner:
1. 1,07,50,000 Equity Shares of the Company of face value of Rs. 2 each at a price of Rs. 37.65 per Equity Share [including a premium of Rs. 35.65] for an aggregate amount of Rs. 40,47,37,500; and
2. 1,58,10,440 CCCPS of the Company of face value of Rs. 2 each at a price of Rs. 37.65 per CCCPS [including a premium of Rs. 35.65] for an aggregate amount of Rs. 59,52,63,066.
The CCCPS will compulsorily get converted into equity shares of the Company within 18 months from the date of allotment.
- Subject to approval of Shareholders, alteration in the Capital Clause of the Memorandum of Association of the Company by cancelling 3,00,00,000 Equity Shares of Rs. 2 each, remaining un-issued and which have not been taken or agreed to be taken by any person and by creating 3,00,00,000 Cumulative Compulsory Convertible Preference Shares ("CCCPS") of Rs. 2 each in the Authorised Share Capital.
- Notice for convening the Extraordinary General Meeting of Shareholders of the Company on March 26, 2014 for seeking their approval. |
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