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The board of directors of Jindal Saw on Thursday allotted 1,449 crore shares of ₹2 each by converting an equal number of cumulative convertible debentures (CCDs) at a fixed conversion price of ₹81.10 an equity share to Four Seasons Investments, a promoter group entity. This is the second tranche of allotment. The company on December 5, 2014, had allotted 4.35 crore shares of ₹2 each on conversion of cumulative convertible debentures at ₹81.10 a share. These shares will also remain under lock-in, in accordance with the applicable guidelines. Shares of Jindal Saw closed at ₹69.85, down 2.6 per cent on the BSE.
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