Jindal Steel and Power approves fund raising plan at board meeting on Tuesday

Mumbai: Naveen Jindal-led Jindal Steel and Power approved a fund raising plan at its board meeting held on Tuesday.

The company has approved the “issuance of upto 4,80,00,000 convertible warrants to Opelina Finance and Investment Limited, a promoter group entity on preferential basis, subject to the approval of the members of the company and other necessary regulatory approvals”, the company said in a filing on BSE.

Apart from the 4.8 crore of warrants, the company has also agreed to issue up to 14.2 lakh equity shares to Nalwa Steel and Power, a promoter group entity, on preferential basis.

The board also approved the appointment of Pradyumna Singh Dubey of IDBI Bank as a nominee director.

Shares of Jindal Steel and Power surged by almost 7% after the announcement to close at Rs 144 on the BSE.