Citi to pick 10.47% stake in Jindal Drilling for Rs 1.53 bn

Jindal Drilling & Industries (JDIL), drilling arm of Rs 30 billion DP Jindal Group is engaged in the business of offshore oil & gas drilling in India, announced on Friday that the board approved to raise Rs 1,536 million.

The aforesaid fund will be raised through issue of 1.20 million shares of Rs 10 each to Citi Group under preferential allotment route at a price of Rs 1,280 a share, subject to the approval of Shareholders in the forthcoming EGM. This shall represent 10.47% of the post issued equity share capital of the company.

The total issue proceeds will be utilized for general corporate purposes including present and future capex programme and for its ongoing and future business plans.

Shares of the company declined Rs 27.55, or 2.05%, to settle at Rs 1,316.85. The total volume of shares traded was 7,870 at the BSE. (Friday)