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

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