Jindal Drilling - Press Release

Jindal Drilling & Industries Ltd has issued following Press Release :

"Jindal Drilling & Industries Ltd (JDIL), Drilling arm of INR 3000 Crore D.P. Jindal Group is engaged in the business of Offshore Oil & Gas Drilling in India.

The Board has approved issuance of 1200000 No of New shares of Rs 10/- each to CitiGroup under preferential allotment route at a price of RS 1280/- per share, subject to the approval of Shareholders in the forthcoming EGM. This shall represent 10.47% of the post issued Equity Share Capital of the Company.

The total issue proceeds would be INR 153.60 Crores, which the Company proposes to use for General Corporate Purposes including present and future capex programme and for its ongoing and future business commitments / Plans."