jsw steel: JSW Steel board approves plans to raise up to Rs 17,000 cr; $1 bn from international markets

New Delhi: JSW Metal on Friday mentioned its board has accepted plans to lift funds as much as Rs 17,000 crore via the issuance of varied securities and faucet the worldwide markets to mop up USD 1 billion. In line with a regulatory submitting, an quantity totalling Rs 17,000 crore is proposed to be raised via the issuance of convertible securities and non-convertible debentures (NCDs), amongst different devices.

Apart from, the board has accepted a proposal to lift USD 1 billion via the issuance of non-convertible senior unsecured fixed-rate bonds within the worldwide markets, JSW Metal mentioned.

With respect to the plan to mop up Rs 14,000 crore via issuance of non-convertible debentures and convertible securities, the corporate mentioned, it had obtained shareholders’ approval in July 2022.

“The enabling decision was not acted upon inside the stipulated interval of 1 12 months. Subsequently, to be able to validate the mentioned decision, a recent approval is being sought from the shareholders on the ensuing Annual Common Assembly,” the submitting mentioned.

The board additionally accepted elevating of Rs 3,000 crore via the issuance of secured/unsecured, redeemable, NCDs not exceeding Rs 3,000 crore, by means of personal placement and/or by means of public issuance, in a number of tranches, within the home market.

The corporate has plans to make use of the proceeds to switch short-maturity loans, meet long-term working capital necessities, capital expenditure/ reimbursement of capex already incurred and/ or for basic company functions.