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Shareholders of JSW Steel have approved proposals for a qualified institutional placement for ₹4,000 crore and issue of redeemable non-convertible debentures worth ₹10,000 crore on private placement basis. Proceeds of the QIP will be used for capital expenditure and refinancing high-cost debt, besides meeting unlikely shortfall in unforeseen circumstances. Shareholders also approved a $2-billion foreign currency bond issue.
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