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JSW Steel raising $1 Billion through QIP, FCCB
By siliconindia
Bangalore: JSW Steel is set to raise $1 billion (Rs 4,760 crore) through Qualified Institutional Placements, Foreign Currency Convertible Bonds, Global Depository Receipts, American Depository Receipts or warrants.
Its Board of Directors has approved the raising of long-term funds aggregating $ one billion dollars or its Indian rupee equivalent to part-finance its capex and for other general corporate purposes, including reducing the leverage, depending on market dynamics. For that, it will seek shareholders' approval by July 1, 2009.
Seshagiri Rao, Director (Finance), JSW Steel says, "We are seeing quite a few QIPs being done in the markets, but we will have to wait for the shareholder's approval to decide the instruments." We are raising funds to reduce debt equity ratio from 1.79:1 to 1.50:1. As of March 31st, the company has a debt of Rs 14,500 crore on its balance sheet, he adds.
Following the announcement, shares of JSW Steel surged 9.31 per cent to a high of Rs 564 on the BSE.