Sponge iron maker Jai Balaji Industries today said it plans to raise Rs 450 crore through the issue of securities to qualified institutional buyers (QIBs) on a private placement basis.     

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"The board of directors has accorded in-principle approval for issue of equity shares or securities convertible into shares, to eligible QIBs through qualified institutional placement (QIP) for an amount not exceeding Rs 450 crore," Jai Balaji said in a filing to the Bombay Stock Exchange.     

The raising of funds is the subject to the approval of the shareholders of the company, it added.     

Shares of Jai Balaji were trading at Rs 160, down 1 per cent in afternoon trade on BSE.

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