PTI reported that Ispat Industries said that it has allotted 108.66 crore equity shares to JSW Steel on a preferential basis for a subscription amount of INR 2,157 crore.

Ispat Industries said in a filing to the Bombay Stock Exchange said “Securities Issue Committee of the Board of Directors of the company at its meeting held on January 24, 2011, have alloted to JSW Steel, on preferential basis, 108,66,49,874 equity share of INR 10 each in the company, at a premium of IR 9.85 per share.”

The shares were allotted pursuant to the subscription cum shareholders agreement on December 20, entered by Ispat Industries promoters and JSW Steel Ltd.

(Sourced from PTI)