JSW Ispat board allots equity shares on preferential basis to CDR lenders

KOLKATA: JSW Ispat Steel Ltd has informed the Calcutta Stock Exchange that the Securities Issue Committee of board of directors of the company has allotted an aggregate of 13,00,31,371 equity shares of Rs. 10/- each in the company, on preferential basis, at a premium of Rs. 4.74 per share, to the corporate debt restructuring (CDR) lenders of the company. The meeting of the board of directors was held on Friday, May 18, 2012.

These equity shares have been allotted to the respective lenders upon their opting to convert a part of their outstanding working capital term loan /funded interest term loan /rupee term loan into equity shares, in terms of the approval granted by CDR Empowered Group. In a notice sent to the exchange, copies of which were also sent to the and Bombay Stock Exchange (BSE) and and National Stock Exchange (NSE), the company said the equity shares shall rank pari-passu interse with the existing equity shares of the company in all respect, including dividend.

The CDR lenders of the company include, ICICI Bank, IFCI Ltd, IDBI Bank, Oriental Insurance, Life Insurance Corporation, General Insurance Corporation, Punjab National Bank, State Bank of India, Bank of India, National Insurance Company, United India Insurance Company, New India Assurance Company and Industrial Investment Bank of India.