Jindal Steel raises 1,000 crore through NCDs

Jindal Steel and Power Limited (JSPL) on Thursday raised 1,000 crore from Kotak Mahindra Bank Limited through unsecured Non-Convertible Debentures (NCDs).

In this latest round of funding, the company decided to allot 10,000 redeemable unsecured NCDs for cash at par aggregating to Rs. 1,000 Crore in three series to the Kotak Mahindra Bank Limited. 

"The company has always been engaged in raising money through appropriate instruments for financing the company’s operations considering the funding requirement and cost optimization of funds; the NCD announced today is one such financial instrument", said a JSPL spokesperson.