Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Apollo Minerals' Major Shareholder Jindal Steel And Power's Stake Grows To 11.7%

Apollo Minerals' (ASX: AON) major shareholder Jindal Steel and Power has lodged a substantial shareholder notice with the ASX showing its increased stake in the company of 11.7% following its commitment to a recent share placement.

Jindal's shareholding was previously 9.25% and increased with the subscription of 10 million new shares at $0.04 each for a total consideration of $400,000.

Jindal is part of a A$12 billion Indian steel and energy conglomerate based in New Delhi, India.

Apollo is currently in discussions with Jindal about a potential majority investment in, and spin-off of, its iron ore assets.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.