Sajjan Jindal plans Rs 14,000cr investment in WB

 Sajjan Jindal to hike stake in JSW Steel

 The share allotment committee of directors of JSW Steel, which met today, approved a proposal to issue five lakh Series A Warrants and 15 lakh Series B Warrants to Sajjan Jindal, and 65 lakh Series A Warrants and 65 lakh Series B Warrants to Samarth Holdings.

According to a release issued by JSW Steel to the BSE today, each of these warrants are convertible into equity shares at the option of the warrant holders into one equity share of Rs 10 each at Rs 272 per share.

"The 70 Lakh Series A warrants are convertible into equity shares on or before March 31, 2007, and the 80 lakh Series B warrants are convertible into equity shares between April 1, 2007 and March 22, 2008.

"The shareholding of 45.15% held by the promoters, as on June 30, 2006, will increase to 47.49% on conversion of 70 lakh warrants on or before March 31, 2007, and will further go up to 49.93% on conversion of the balance 80 lakh warrants between April 1, 2007 to March 22, 2008," the release added. (Our Web Bureau)