Companies

JSW Steel to raise fresh funds from overseas market

Our Bureau Mumbai | Updated on September 24, 2019 Published on September 24, 2019

JSW Steel's board of directors have approved overseas fund raising through issue of non-convertible foreign currency. File photo

Has already raised $500 million early this year

 

JSW Steel plans to raise funds from the overseas market for its capital expansion. The company will be investing upto Rs 15,000 crore this fiscal amid slowing demand and rising inventory in the industry.

JSW Steel has also emerged as the top bidder for stressed Bhushan Power and Steel and it has to payRs 19,500 for the asset.

The company's board of directors have approved overseas fund raising through issue of non-convertible foreign currency or rupee denominated senior unsecured fixed interest rate bonds upto $1 billion on July 26. JSW Steel has already raised $500 million early this year.

JSW Steel would engage in calls today (Tuesday) with the joint lead managers, institutional investors and analysts for this purpose, said the company.

A preliminary offer document has been prepared and will be circulated with prospective investors and the issue will not be available in India, it said.

The fund raising would be done through the company directly or through its overseas subsidiaries with corporate guarantee by JSW Steel, said the company in a statement on Tuesday.

The company is contemplating to issue of debt instruments in the form of dollar denominated senior notes. This is subject to market conditions.

Published on September 24, 2019
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