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.
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