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JSW Steel receives shareholders approval to raise up to Rs 14,000 crore

On Thursday, JSW Steel said that it has got shareholders approval for its proposal to raise a total of Rs 14,000 crore through private placement and qualified institutional placement (QIP) route.

JSW Steel said in a BSE filing that the firm’s shareholders at the Annual General Meeting (AGM) earlier this week approved raising up to Rs 4,000 crore through QIP and Rs 10,000 crore by selling non-convertible debentures (NCDs). Both the proposals were through special resolution.

In the annual report it said that the fund will be utilised for planned capital expenditure including refinancing of expensive debt and reducing interest costs, among other corporate purposes.

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