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JSW Steel gets board approval to raise up to Rs 18,000 crore

May 22, 2023

By: BlinkX Research Team

The board of JSW Steel approved resolution to raise up to Rs 18,000 crore. The company said it will raise up to $1 billion in international markets. 

Of the total fundraise, Rs 7,000 crore will be through non-convertible debentures with warrants and Rs 3,000 crore will be non-convertible debentures.

In a regulatory filing, the company said, “The Board has approved an enabling resolution authorising the Finance Committee for raising of long-term funds through issuance of Non-Convertible foreign currency/Rupee denominated Senior Unsecured Fixed Rate Bonds up to USD 1 Billion, in the international markets", the company said.

It further informed that the Board has approved the raising of Long-Term Funds subject to applicable regulatory approvals and market conditions, through Issuance of Secured/Un-secured, Redeemable, Non-Convertible Debentures not exceeding Rs 3,000 crore, by way of private placement and/or by way of public issuance, in one or more tranches, in the domestic market.

Source: Media reports