Jindal Steel and Power stock rises up to 13% on plan to raise Rs 1,000 crore via QIP

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The Jindal Steel and Power Ltd (JSPL) stock rose up to 13% intra day after the firm said it would raise Rs 1,000 crore through qualified institutional placement (QIP) route in February. At 1:40 pm, the stock was trading 7.96% or 19.05 points higher at 258.35 on BSE. The stock hit an intra day high of 270.30 or 31 points higher from previous close. The stock is up 25.72% or 52.85 points since the beginning of this year. On an yearly basis, the stock has risen 251 percent or 184.85 points on BSE. The stock closed at 239.30 level on Friday. The company also plans to raise up to Rs 2,000 crore by listing its Oman business on foreign exchange. “We will raise Rs 1,000 crore by equity sale next month,”  chairman Naveen Jindal said. He also said there is plan to raise another Rs 1,500-2,000 crore in just four months by listing Oman operations on foreign exchanges. If both figures are added then about Rs 3,000 crore will be raised by JSPL during 4-6 months, Jindal said without disclosing that on which exchange Jindal Shadeed Oman will be listed. Meanwhile, BSE has sought clarification from Jindal Steel & Power Ltd on January 08, 2018 with reference to news “Jindal Steel & Power surges 13% as Co will raise Rs 1,000 crore via QIP” published on a leading financial and market news website.

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