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Jisco board okays pref allotment

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MUMBAI, July 8

THE board of Jindal Iron and Steel Company (Jisco) has approved the preferential allotment of 12.25 lakh shares amounting to a stake of 2.8 per cent at a price of Rs 121 per share to Citicorp Banking Corporation, Bahrain (CBC), a foreign institutional investor registered with SEBI.

The shares allotted on a preferential basis to CBC shall remain locked in for a period of one year from the date of allotment.

CBC will hold a minimum of 4.8 per cent of equity capital in Jisco following post-preferential issue. "CBC will be entitled to various rights which includes the right to appoint its nominee on the board of the company, subject to its holding minimum 4.8 per cent of the equity capital,'' Jisco said in a notice to the BSE.

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