JSW Steel plans to raise up to Rs 1,000 cr via NCDs

JSW Steel on Thursday announced its plan to raise up to Rs 1,000 crore through issuance of non-convertible debentures. The proceeds will be used to meet long-term working capital requirements, refinance existing debt, general corporate purpose and ongoing capital expenditure, the Sajjan Jindal-led company said in a filing to BSE.

"The committee of directors of the issuer (board)... approved the allotment of 10,000 rated, listed, secured, redeemable, nonconvertible debentures (NCDs) bearing a face value of Rs 10,00,000 each..., aggregating to Rs 1000,00,00,000," the company said. The shares of JSW Steel were trading at Rs 265.50 a piece on BSE, down 0.11 per cent from the previous close.

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