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."

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."

Jindal Drilling & Industries

Jindal Drilling & Industries Ltd has informed that recently, the Company has been Awarded another contract worth INR 660 Crores for Charter Hire of newly Built Jackup Rig (Discovery - I) by ONGC Ltd. The Contract is at Operating Day rate of USD 159,660 per day for 3 year period on Firm basis. The Said Rig is under construction at Keppel Fels Shipyard at Singapore and is expected to be delivered in September 2008 & will be deployed for Operation under this Contract immediately thereafter.

With this the total Order book stands at INR 2500 Crores and the Financial Performance of the Company is expected to improve substantially in the coming years.