JSPL Jumps 4% As Board Okays Preferential Allotment To Promoters

Indian steel and energy company based in New Delhi, Jindal Steel & Power Ltd., (JSPL), on the NSE soared 4% on an intraday basis in Friday’s trade. The stocks hit an high of Rs 123.80 per share; and an intraday low of Rs 120.20 per share. The company announced that the board of directors of the company have approved on preferential basis the issue of 4,80,00,000 convertible warrants to Opelina Finance and Investment Limited, a promoter group entity.

The company also said that it has issued 14,20,000 equity shares to Nalwa Steel & Power Limited on a preferential basis. The company's segments include iron & steel, power and others. The company's product portfolio consists of steel product mix, construction solutions and construction material & solutions.

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