Jindal Steel & Power shares up nearly 7 per cent

Mumbai: Shares of Jindal Steel & Power surged nearly 7 per cent today after the company said its subsidiary Jindal Power raised Rs 500 crore from Kotak Mahindra Bank by issuing 5,000 non-convertible debentures.

JSPL's stock soared 6.24 per cent to settle at Rs 145.55 on the BSE. During the day, it jumped 7 per cent to Rs 146.65.

At NSE, it climbed 6.79 per cent to close at Rs 146.30. In an exchange filing, JSPL said executive sub-committee of Board of Jindal Power, its subsidiary, has allotted 5,000 privately placed rated redeemable unsecured non-convertible debentures totalling Rs 500 crore to the Mumbai-based lender.

This is the second fund raising by the Naveen Jindal-led firm in a gap of just three days from the same lender using the same route.

Parent JSPL had raised Rs 1,000 crore by allotting 10,000 privately placed rated redeemable unsecured non-convertible debentures on December 18.