Jindal Steel and Power Ltd (JSPL) has raised ₹ 1,200 crore through a Qualified Institutions Placement (QIP) issue launched on March 20.
A company statement said, “The board of JSPL approved the issuance of shares at ₹ 233 per share, which was ₹ 5.85 above the floor price. The order book was oversubscribed with significant interest coming from domestic and foreign long term investors.”
The funds from this equity raise are expected to be used primarily for working capital requirements, payment of operational and capital expenditure creditors and repayment of certain long term loans, the statement added.
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