Jindal Stainless converts FCCBs into equity

Jindal Stainless has converted foreign currency convertible bonds (FCCB) worth Rs 4.40 crore into equity. It allotted 291,978 equity shares to the “Royal Bank of Scotland NV London Branch” on Friday. Consequent to the allotment, the paid up equity capital of the company has increased to Rs 37.95 crore from Rs 37.90 crore. The company registered a consolidated net loss of Rs 180 crore in FY12 against a profit of Rs 314 crore registered in the comparative fiscal. Its interest cost jumped 33 per cent to Rs 570 crore against Rs 429 crore in FY11. Jindal Stainless also incurred a forex loss of Rs 231 crore against a gain of Rs 75 crore in fiscal 2011. It has a consolidated debt of Rs 6,500 crore as of FY12. Jindal Stainless is in negotiation with domestic and international lenders to rework on its debt obligations including overdue financial obligations, the company said recently. On Friday, the shares of the company closed 0.74 lower at Rs 74 on the BSE.