JSW Steel to raise up to Rs 17,000 crore

22 May 2023 , 01:11 PM

JSW Steel announced that it has received board's approval to raise capital of up to Rs 17,000 crore through the issuance of different securities and exploring international markets to raise USD 1 billion.

As per a regulatory filing, the company intends to raise a total amount of Rs 17,000 crore through the issuance of convertible securities, non-convertible debentures (NCDs), and other financial instruments.

In addition, JSW Steel has announced that its board has granted approval to raise USD 1 billion through non-convertible senior unsecured fixed-rate bonds in the global markets.

Regarding the proposal to raise Rs 14,000 crore via non-convertible debentures and convertible securities, JSW Steel stated that it had obtained shareholders' approval in July 2022.

The board also approved raising Rs 3,000 crore by issuing secured or unsecured redeemable non-convertible debentures (NCDs). This can be done through private placement and/or public issuance, in one or multiple installments, within the domestic market.

The funds raised by the company will be utilized for purposes such as replacing short-term loans, fulfilling long-term working capital needs, covering capital expenditures or reimbursement of already incurred expenditures, and for general corporate requirements.

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