Promoters to infuse funds into debt-ridden JSPL

Debt-ridden Jindal Steel and Power Ltd (JSPL) today said its board has approved issuance of 4.8 crore convertible warrants to Opelina and Investment Ltd, a promoter group entity, on preferential basis.
The issuance of convertible warrants is subject to nod of the approval of the members of the company and other necessary regulatory approvals.
"The board of directors of the company at its meeting held today has considered and approved issue of 4.8 crore convertible warrants to Opelina and Investment Ltd, a promoter group entity on preferential basis...," JSPL today said in filing to the BSE.
The board has also approved the issue of 14.2 lakh equity shares to Nalwa Steel and Power Ltd on preferential basis, subject to the approval of the members of the company and other necessary regulatory approvals.

"The appointment of MZ & Associate, Company secretaries as scrutiniser to conduct the postal ballot process in fair and transparent manner," was also approved by the board.
Shares of the company closed marginally up at Rs 118.90 on BSE today.