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Jai Corp equity shares issue

November 19, 2007

Mukesh Ambani’s friend Anand Jain’s company Jai Corp has suddenly risen on the Streets with backing from RIL, mainly for SEZ projects.

The members of Jai Corp have approved to issue of 59,10,610 fully paid-up equity shares of face value Re 1 each at a premium of Rs 1,034 each on preferential / private placement basis.

The members have approved to issue 1,50,00,000 fully paid-up preference shares of face value Re 1 each at a premium of Rs 99 each on preferential basis to promoter group.

We don’t understand the differential pricing between the promoter group and private placement. Come on its a Ambani backed company, have you forgotten how Mukesh, Paramod Mahajan and his friends got Reliance Infocomm shares at Rs 1 each 🙂

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