Jindal Drilling to sell 10.5% stake to Citigroup
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Saturday, 15 Dec 2007
Jindal Drilling & Industries Ltd announced that it will raise INR 1.54 billion after its board approved issuing 1.2 million shares to Citigroup at INR 1,280 each for a 10.5% stake.
As per report, the funds will be used for CAPEX and business plans.
Jindal Drilling & Industries Ltd's board also approved acquiring 49% in Singapore based Virtue Drilling Pte Limited.
