Jindal Drilling & Industries shines on getting nod to purchase jack-up rig `Jindal Pioneer`from Discovery Drilling
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Jindal Drilling & Industries is currently trading at Rs. 646.85, up by 19.65 points or 3.13% from its previous closing of Rs. 627.20 on the BSE.
The scrip opened at Rs. 631.95 and has touched a high and low of Rs. 659.00 and Rs. 631.95 respectively. So far 1793 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 913.50 on 06-Dec-2023 and a 52 week low of Rs. 213.00 on 31-Mar-2023.
Last one week high and low of the scrip stood at Rs. 659.00 and Rs. 497.25 respectively. The current market cap of the company is Rs. 1875.51 crore.
The promoters holding in the company stood at 63.40%, while Institutions and Non-Institutions held 1.11% and 35.49% respectively.
Jindal Drilling & Industries has received approval to purchase jack-up rig ‘Jindal Pioneer’ from Discovery Drilling, Singapore, (a joint venture of the company), a related party, at a consideration of $75 million, subject to regulatory approvals. The said rig is presently deployed by Discovery Drilling, on a bareboat charter with Saimexicana S.A. de C.V. in Mexico at a day rate of $35,000 net of withholding taxes, which will increase sequentially during the present contract to continue till December, 2025.
The said acquisition will be funded by internal accruals. It shall improve operational synergies, increase the scale of operations and profitability of the Company. The Board of Directors of the company at its meeting held on March 18, 2024, has approved the same.
Jindal Drilling & Industries is one of the leading drilling contractor in India providing service to national and international E&P companies.
