JSW Steel plans to raise Rs 8,000 crores through QIP
DSIJ Intelligence / 19 Jun 2017
The company intends to raise a total amount of Rs 10,000 crore, during the financial year in one or more tranches. It is also looking to get shareholder nod for raising foreign currency convertible bonds of USD 1 billion through the international capital market.
In order to mobilise Rs 8,000 crores through a Qualified Institutional Placement (QIP) in 2017-18, JSW Steel plans to seek approval of shareholders. The company wants to fund its capital expenditure plan of Rs 26,800 over the next four years.
The company intends to raise a total amount of Rs 10,000 crore, during the financial year in one or more tranches. It is also looking to get shareholder nod for raising foreign currency convertible bonds of USD 1 billion through the international capital market.
A leading news agency reported that, JSW's CapEx plan of Rs 26,815 crore will include Rs 15,000 crore raised through debt and rest through equity and internal accruals.
Meanwhile, at Rs 196.50 per share at 1246 hours IST on BSE, JSW Steel was up 0.7%. It hit a high of Rs 197.20 and a low of Rs 194 so far during the day.
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