JSPL surges 7% on fund raising plans

Shares of Jindal Steel and Power surged nearly 7 per cent on Tuesday after the company informed bourses that the board has considered and approved raising of funds by way of equity shares or warrants on preferential basis.

The board has approved issuance of up to 4.80 crore convertible warrants to Openlina Finance and Investment Ltd, a promoter group entity on preferential basis. It has also approved issuance of 14.20 lakh equity shares to Nalwa Steel & Power, a promoter group entity on preferential basis.

The scrip gained 6.86 per cent to end the session at Rs 144 on BSE. Shares of the company opened at Rs 136 and touched a high and low of Rs 146.55 and Rs 136, respectively.

The stock had hit 52-week high of Rs 159 on August 2, 2017 and 52-week low of Rs 62.55 on November 9, 2016.