Shares of JSW Steel hit a 52-week high of Rs 853.45 on 8 December after the company announced that JSW Steel Ohio Inc, its wholly-owned indirect subsidiary, is planning to raise long-term funds to the tune of Rs 1,209 crore that is equivalent to $145 million.
In its regulatory filing, the company said, “The Jefferson County Port Authority, a port authority and a body corporate existing under the laws of the State of Ohio expects to issue its Economic Development Revenue Bonds (JSW Steel USA Ohio, Inc. Project), Series 2023 in the aggregate principal amount of $145,000,000 on or about 20 December, 2023.”
The proceeds from this loan will be used to finance the acquisition, equipment, construction, and installation of a vacuum tank degasser and improvements to a continuous slab casting machine, including dynamic soft reduction technology.
The loan will also be used for initiatives such as Caster upgrades, infrastructure improvements, Auxiliary Systems, and certain ancillary equipment.
The bonds are subjected to a mandatory tender for purchase on 1 December 2028.
Earlier last month, the company received approval for $1 million in assistance from the Ohio Rail Development Commission to facilitate two crucial on-site rail projects at its Mingo Junction facility that were a part of JSW Steel’s $145 million expansion proposal.
At 3:30 pm, the shares of JSW Steel closed 2.47% higher at Rs 839.35 on NSE.