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.”

Also Read: Enforcement Directorate Seizes Funds Worth Rs. 8 Crore Of Chinese-Owned Company

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

Recent Posts

PM Modi Meets Bhutan PM Tobgay At BIMSTEC Summit; Highlights Strong Bilateral Ties & Regional Cooperation

PM Narendra Modi met Bhutanese PM Tshering Tobgay on the sidelines of the 6th BIMSTEC…

5 hours ago

Jamia Students Back Waqf Amendment Bill; Call It A Step Toward Empowerment

The student group 'Shaher-E-Arzoo' expressed firm support for the Waqf Amendment Bill, calling it a…

7 hours ago

India’s Exports To The US Face Limited Impact From Tariff Hike: SBI Report

The 27% tariff hike by US President Donald Trump on Indian goods will have only…

7 hours ago

Waqf Freed From Mafia Control, New Era Of Development Begins For Muslims: MRM

Following the passage of the Waqf Amendment Bill 2024 in both Houses of Parliament, celebrations…

8 hours ago

India’s Forex Reserves Surge To $665.4 Billion; Rupee Strengthens As Trade Deficit Narrows

India’s forex reserves jumped $6.6 billion to a five-month high of $665.4 billion for the…

9 hours ago

Laxmi Singh Leads Gautam Buddha Nagar Police To Historic No 1 Rank In IGRS Across All Stations

Gautam Buddha Nagar Police, led by CP Laxmi Singh, achieved a historic feat with all…

10 hours ago