The board of directors of Jindal Saw on Thursday allotted 1,449 crore shares of ₹2 each by converting an equal number of cumulative convertible debentures (CCDs) at a fixed conversion price of ₹81.10 an equity share to Four Seasons Investments, a promoter group entity. This is the second tranche of allotment. The company on December 5, 2014, had allotted 4.35 crore shares of ₹2 each on conversion of cumulative convertible debentures at ₹81.10 a share. These shares will also remain under lock-in, in accordance with the applicable guidelines. Shares of Jindal Saw closed at ₹69.85, down 2.6 per cent on the BSE.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.