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BUZZ-India's Jindal Steel and Power hits over 3-yr high on report of fund raising
January 8, 2018 / 10:20 AM / in 9 days

BUZZ-India's Jindal Steel and Power hits over 3-yr high on report of fund raising

** Shares of Jindal Steel and Power Ltd jumps as much as 13.2 pct to 270.60 rupees, its highest since Aug 2014, before closing up 7.3 pct

** Co to raise 10 bln rupees ($157.7 mln) via QIP in Feb, the Hindu Business Line daily reports citing a PTI news agency bit.ly/2qEHqE7

** Co also plans to raise up to 20 bln rupees by listing its Oman business on an overseas exchange, the report says

** It’s merely an intent of co to raise funds via QIP and that it has not initiated the process, co clarifies in an exchange filing

** Co one of the most indebted steel companies in India with a consolidated net debt of around 450 bln rupees as of Sept 2017

** Over 38 mln shares traded versus 30-day avg volume of 8.8 mln

** Stock up 16.6 pct this year as of Friday ($1 = 63.4025 Indian rupees)

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