JSW Steel raises Rs 2,000-cr via NCDs

JSW Steel on Friday said it has raised Rs 2,000 crore through issuance of non convertible debentures (NCDs) on private placement basis. According to a source, the company has raised fresh funds of around Rs 2,000 crore from 10-year bonds from LIC at 8.79 per cent payable semi-annually.

The Sajjan Jindal-led company has allotted NCDs having a rate of 8.79 per cent, of Rs 10 lakh face value each, aggregating to Rs 2,000 crore on private placement basis, according to a regulatory filing. The proceeds would be used for meeting long-term working capital requirements, refinancing existing debt, general corporate purpose and ongoing capital expenditure.