Business

JSW Steel to Raise About Rs 17,000 cr; $1 Bn from International Markets

JSW Steel announced on Friday that its board has approved plans to issue various securities to raise up to Rs 17,000 crore in funding and to access international markets to raise USD 1 billion.

A regulatory filing states that among other things, non-convertible debentures (NCDs) and convertible securities are proposed as ways to raise a total of Rs 17,000 crore. Additionally, according to JSW Steel, the board has approved a proposal to raise USD 1 billion through the issuance of senior unsecured fixed-rate bonds that are not convertible.

According to the company, its shareholders approved the plan to raise Rs 14,000 crore through the issuance of convertible and non-convertible debentures in July 2022.

The filing said, “The enabling resolution was not acted upon within the stipulated period of one year. Therefore, in order to validate the said resolution, a fresh approval is being sought from the shareholders at the ensuing Annual General Meeting.”

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The board also gave the go-ahead to raise an additional Rs 3,000 crore through the sale of redeemable, secured/unsecured NCDs with a maximum face value of Rs 3,000 crore through a private placement or a public offering in one or more tranches on the domestic market.

The proceeds will be used by the company to pay off short-term loans, meet long-term working capital needs, fund capital expenditures, reimburse already incurred capital expenditures, and/or for general corporate purposes.

Also Read: RBI 2,000 Rupee Notes Withdrawal: Here are the Reasons

Malika Sahni

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