Jindal Stainless gets $10mn from Morgan

Morgan Stanley has exercised its option to subscribe to an additional 0.5% foreign currency convertible bonds (FCCBs) due in 2009 issued by Jindal Stainless for an aggregate principle amount of $10 million.

According to a release issued to the BSE today, the investment is following the terms of the purchase agreement signed on December 17, 2004 by Jindal Stainless and Morgan Stanley & Company International.

The release added that FCCBs issued by the company stands increased to $60 million.