Jindal Drilling Issues 1.2 Million Shares

The Board of Directors of Jindal Drilling & Industries Ltd has approved issuance of 1.2 million new shares of RS 10 each to CitiGroup under preferential allotment route at a price of RS 1280 per share, subject to the approval of shareholders. This represents 10.47% of the post issued equity share capital of the company.

Jindal Drilling proposes that the total issue proceeds of INR 153.60 Crores goes to general corporate purposes, including the Capex program.

Jindal Drilling focuses on drilling oil and gas offshore India.