JSW Steel to raise Rs 1,000 crore through Non-convertible debentures

India’s largest steel company, JSW Steel on Thursday said that “It will be raising nearly to $1000 crore through issuance of non-convertible debentures.”

In a filing at BSE, the company said that “The committee of directors of the issuer (board) has approved the proposal for the allotment of 10,000 rated, listed, secured, and redeemable non-convertible debentures (NCDs) at the face value of Rs 10,00,000 each, aggregating to Rs 1000,00,000 on private placement basis.”

“The company will use this fund to meet long-term working capital requirements, refinancing of existing debt, general corporate purpose, and ongoing capital expenditure,” the filing added.