JSW Steel to raise $1 bn via QIP, FCCB issue
MUMBAI: JSW Steel said it will raise $ one bn (about Rs 4,775 crore) through qualified institutional placement and issue of securities in the
international markets for part-financing its capital expenditures and for meeting general corporate purposes.
The board has approved the raising of long-term funds aggregating $ one bn or its Indian rupee equivalent to part-finance its capex and for other general corporate purposes, including reducing the leverage, depending on market dynamics, JSW Steel said in a filing to the Bombay Stock Exchange (BSE).
Following the announcement, shares of JSW Steel surged 9.31 per cent to a high of Rs 564 on the BSE.
The Sajjan Jindal-led firm plans to raise the funds by way of issue of securities to qualified institutional buyers (QIBs) in one or more tranches.
It is also planning to issue foreign currency convertible bonds (FCCBs), global depository receipts (GDRs) in one or more tranches to raise the fund, the filing added.
Earlier this month, the company had said it plans to close down its US mills for three months from June due to poor demand and has almost halved its workforce at its US steel mills.
source: Economictimes
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