Sajjan Jindal-led JSW Steel today said it would raise up to Rs 5,000 crore via issuance of non- convertible debentures on private placement basis.
Sajjan Jindal-led JSW Steel today said it would raise up to Rs 5,000 crore via issuance of non- convertible debentures on private placement basis. “The board of directors at its meeting held today has approved the raising of long-term funds through issuance of secured/unsecured, redeemable, non-convertible debentures not exceeding Rs 5,000 crore by way of private placement and/or by way of public issuance, in one or more tranches,” JSW Steel said in a filing to BSE.
The funds would be raised “in one or more tranches in the domestic market, majority to replace short term loans, meet long-term working capital requirements, requirements for normal and/or approved capital expenditure/reimbursement of capex already incurred and/or for general public purposes,” the filing said. JSW Steel is engaged in manufacture of flat and long products, namely hot rolled coils, cold rolled coils, galvanised products, galvalume products, colour coated products, auto grade/white goods grade flat products, bars and rods.