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JSW Steel gets nod to raise long term funds

JSW Steel has received an approval for raising of long term resources through issuance of Non-Convertible Debentures with warrants which are convertible into or exchangeable with equity shares of the company of face value of Rs 1 each (the Equity Shares) at a later date, for an amount not exceeding Rs 4,000 crore, inclusive of such premium as may be decided by the Board; and/or  Equity Shares and/or Fully Convertible Debentures/Partly Convertible Debentures /Optionally Convertible Debentures or any other Convertible Securities (other than warrants) for an amount not exceeding Rs 4,000 crore, inclusive of such premium as may be decided by the Board to Qualified Institutional Buyers by way of a Qualified Institutions Placement.

The Board of the company at its meeting held on May 16, 2018, approved the same. 

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

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