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Business News/ Companies / Jindal Stainless promoter to convert preference shares to equity
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Jindal Stainless promoter to convert preference shares to equity

Jindal Stainless had allotted 15.8 million CCCPS of Rs2 each to JSL Overseas, to be converted into equity shares within a period of 18 months

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Mumbai: Jindal Stainless Ltd on Wednesday said its promoter company JSL Overseas Ltd is planning to convert some of its preference shares held in the company into equity shares.

“The company have received a Notice dated 22 September, 2015, from JSL Overseas Limited, a member of promoter group, for conversion of 48,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of Rs2 each into 48,10,440 Equity Shares of Rs2 each of the company," Jindal Stainless said in its statement to BSE.

In March 2014, Jindal Stainless had allotted 15.8 million cumulative compulsory convertible preference shares (CCCPS) of Rs2 each to JSL Overseas, to be converted into equity shares within a period of 18 months from the date of allotment of the CCCPS.

The Jindal Stainless board will now consider and decide on the allotment of shares. “The paid up equity share capital of the company would increase from existing Rs45,27,50,010 to Rs46,23,70,890 divided into 23,11,85,445 equity shares of Rs2 each. The requisite formalities for listing of the new shares shall be completed post allotment of the shares," the company said in its statement.

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Published: 23 Sep 2015, 03:31 PM IST
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