JISCO TO PAY Rs60 CR FOR JINDAL STRIPS' VASIND UNIT
Article Abstract:
Jindal Strips Limited (JSL) is to receive Rs60 crore from Jindal Iron and Steel Company (Jisco) for its Vasind facility, which was recently acquired by Jisco. This amount is expected to reduce the debt burden of JSL considerably. The company has drawn up a restructuring plan to strengthen its balance sheet and reduce debt burden. The plan envisages paying back rupee loans of around Rs160-170 crore in 1998-99, to roll over loans of around Rs40-50 crore and float an equity issue in the first quarter of 1999 to lower the debt burden. (gsh)
Comment:
Is to give Rs60 crore to Jindal Strips for Vasind facility, which the company has recently acquired
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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JISCO OPTS FOR MERGER ROUTE FOR JSL UNIT
Article Abstract:
The cold rolling (CR) division of Jindal Strips Ltd (JSL) will be merged with Jindal Iron & Steel Co (Jisco). The proposed merger will help the company eschew stamp duty payment on outright purchase of the CR mill from JSL. The CR mill of JSL will be demerged from JSL and merged with Jisco. The 1.5 lakh tonnes per annum (tpa) CR mill at Vasind is valued at Rs75 crore. The Jisco facility is located adjacent to JSL's CR mill. JSL produced 1.20 lakh tpa of CR strips during 1996-97. (rk)
Comment:
Will merge with cold rolling division of Jindal Strips
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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JISCO CUTS PREMIUM ON CONVERSION OF WARRANTS
Article Abstract:
Jindal Iron & Steel Company (Jisco) has reduced the premium on conversion of warrants issued with debentures in 1994 from 190 to 40 per share due to the depressed capital market. Around 50 percent of the outstanding warrants are held by the Jindals and they are committed to subscribe their portion of the rights to maintain their stake. This reduction of premium is expected to reduce the inflow of funds from Rs200 crore to around Rs50 crore. (gsh)
Comment:
Reduces premium on conversion of warrants issued w/ debentures in 1994 from 190 to 40 per share due to depressed capital market
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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