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Mumbai June 12 Jindal promoted Southern Iron and Steel Company Ltd allotted 2.56 crore equity shares at a premium of Rs 52 per share against the optionally convertible loan of Rs 158.93 crore to banks/financial institutions.

The company has also proposed to convert the balance optionally convertible loan of Rs 236.44 crore into equity. Towards this, the company will grant an option to the banks/financial institutions to convert either into equity at a premium of Rs 52 per share or into 10 per cent cumulative convertible preference shares with the option to convert into equity.

At a shareholders meet, to be convened on July 19, the company is to consider increase in its authorised share capital.

More Stories on : Preferential Allotments | Steel

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