Jindal Drilling preferential issue to Citigroup

Jindal Drilling & Industries Ltd has issued the following Press Release:

"Jindal Drilling & Industries Ltd (JDIL), is engaged in the business of offshore oil & gas drilling in India.

JDIL has allotted 12,00,000 equity shares on preferential basis to citigroup at a price of Rs 1,280/- (including premium of Rs 1,270/-) per equity share of Rs 10/- each, aggregating to Rs 153.60 crores. The entire money has been received by the Company, which would be utilized for general corporate purposes including present and future capital expenditure programme, long term working capital requirements and for ongoing and future business commitments / plans of the Company."