Ispat Industries on Monday said it has allotted 108.66 crore equity shares to JSW Steel on a preferential basis for a subscription amount of Rs 2,157 crore.
"...Securities Issue Committee of the Board of Directors of the company at its meeting held on January 24, 2011, have alloted to JSW Steel, on preferential basis, 108,66,49,874 equity share of Rs 10 each in the company, at a premium of Rs 9.85 per share," Ispat Industries said in a filing to the Bombay Stock Exchange.
The shares were allotted pursuant to the subscription cum shareholders agreement on December 20, entered by Ispat Industries promoters and JSW Steel Ltd.
The scrip of JSW Steel closed at Rs 1,034 a piece on the Bombay Stock Exchange on Monday, up 1.96 per cent while Ispat shares ended 0.40 per cent down at Rs 25.20 per piece.
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