On Monday, JSW Steel said that it is planning to raise up to Rs 4,000 crore through the Qualified Institutional Placement (QIP) route.
In a BSE filing, the company said that it will take up the issue of raising a maximum of Rs 4,000 crore at its annual general meeting next month, July 28.
JSW Steel in the filing said, “The Indian economy is poised for robust growth, backed by strong macroeconomic factors and government’s pro-growth policies. The company will be completing its present brownfield expansion to reach 18 MTPA capacity by the end of FY 2015-16”.
“It has a strategic vision to reach 40 MTPA capacity by 2025 with significant investment in mineral resources i.e. iron ore and coal. It is in the interest of the company to raise long term resources with convertible option so as to optimise capital structure for future growth”.