The promoter holding in the demerged Jindal Stainless is likely to come down by around 15 per cent post-conversion of foreign currency convertible bonds (FCCBs) issue into equity shares.
Jindal sources said, after the demerger promoters would be holding 55 per cent, however, once the FCCB is converted into shares the holding would stand diluted to 40-41 per cent in Jindal Stainless.
Sources pointed out that as a matter of strategy, Jindal Stainless being the main manufacturing company, promoters would look at increasing their stake in the company, once it comes down.
The FCCB issue, which was announced in December 1999, is in the form of debt and is being transferred to the books of Jindal Stainless.
As part of the company
