Offshore services provider Jindal Drilling & Industries Ltd will raise Rs 1.54 billion after its board on Friday approved issuing 1.2 million shares to Citigroup at Rs 1,280 each for a 10.5 per cent stake.
The funds will be used for capex and business plans, the company said in a statement. Jindal's board also approved acquiring 49 per cent in Singapore-based Virtue Drilling Pte Ltd.
( Economic Times)