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Wednesday, Dec 18, 2002

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Corporate - Preferential Allotments

Jindal Poly defers decision on pref allotment

Our Bureau

NEW DELHI, Dec. 17

THE board of directors of Jindal Polyester Ltd (JPL) has deferred until the next board meeting a decision on the issuance of zero per cent optionally convertible preference shares on a preferential basis to the promoters and associates of the company.

The board met on December 12 to consider and approve allotment of such shares up to a level of Rs 35 crore.

A decision on changing the terms and conditions of the existing series III of the 6 per cent convertible cumulative preference shares of the company, 7 per cent redeemable cumulative preference of the company and the existing zero per cent optionally convertible preference shares of JPL had also been deferred until the next meeting, according to a JPL communiqué to the stock exchanges.

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