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JSW Steel plans to raise Rs 1,000 crore through NCDs

The proceeds will be used to meet long-term working capital requirements, refinancing of existing debt, general corporate purposes and ongoing capital expenditure, it said. The tenor of the issue will be 10 years from the deemed date of allotment.

ET Bureau|
Last Updated: Jan 24, 2020, 08.46 AM IST
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In October, JSW Steel raised Rs 2,000 crore through issuance of NCDs via private placement.
KOLKATA: JSW Steel plans to raise Rs 1,000 crore through allotment of 10,000 secured, redeemable, non-convertible debentures (NCDs) bearing a face value of Rs 10 lakh each on a private placement basis. The coupon rate for the issue will be 8.9% per annum payable quarterly, the company said in a notification to the BSE on Thursday.

The proceeds will be used to meet long-term working capital requirements, refinancing of existing debt, general corporate purposes and ongoing capital expenditure, it said. The tenor of the issue will be 10 years from the deemed date of allotment.

“The committee of directors of the issuer (board)... approved the allotment of 10,000 rated, listed, secured, redeemable, nonconvertible debentures (NCDs) bearing a face value of Rs 10,00,000 each..., aggregating to Rs 1000,00,00,000,” the company said in a statement. JSW Steel shares closed flat at Rs 266 from its previous close on the BSE on Thursday.

In October, JSW Steel raised Rs 2,000 crore through issuance of NCDs via private placement. The company raised fresh funds from 10-year bonds from LIC at 8.79% payable semi-annually. The Sajjan Jindal-led company had allotted NCDs having a rate of 8.79%, of Rs 10 lakh face value each, aggregating to Rs 2,000 crore on private placement basis.

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