Jindal Stainless said that its board has approved allotment of equity shares and cumulative compulsory convertible preference shares (CCCPS) to its promoter group entity JSL Overseas.

Shares will carry a face value of Rs 2 each for both equity and preference shares.
 
The company will allot 1,07,50,000 equity shares for an aggregate amount of Rs 40,47,37,500 and 1,58,10,440 preference shares for an aggregate amount of Rs 59,52,63,066. The preference shares or CCCPS will get automatically converted into equity shares within 18 months from the date of allotment.
 
The extraordinary general meeting of shareholders will convene on Mar. 26, 2014 to seek their approval on this allotment of shares.

Shares of the company declined Rs 0.9, or 2.68%, to trade at Rs 32.65. The total volume of shares traded was 89,105 at the BSE (Wednesday).