Jindal Drilling Enters Share Agreement with Citigroup

Jindal Drilling & Industries Ltd has allotted 12,00,000 equity shares on preferential basis to Citigroup at a price of Rs 1,280/- (including premium of Rs 1,270/-) per equity share of Rs 10/- each, aggregating to Rs 153.60 crores.

Jindal plans to utilize the funds for general corporate purposes including present and future capital expenditure program, long term working capital requirements and for ongoing and future business commitments and plans of the Company.