JSL gets shareholders' nod to raise up to Rs 1,552 crore

The fund will be raised though issue of equity shares, secured or unsecured debentures and bonds

Jindal Stainless (JSL) today said it has received shareholders' approval to raise up to Rs 1,552 crore by issuing securities to meet its need for capex and debt repayment among various others.

JSL Stainless, in a filing to the BSE, said shareholders have authorised it to issue, offer and allot securities "up to an amount of $150 million" and "to Qualified Institutional Buyers (QIBS) ... Up to an aggregate amount of Rs 750 crore".

The $150 million fund would be raised through issue of equity shares, secured or unsecured debentures and bonds among others in one or more tranches, it had said in a notice to the shareholders ahead of the Annual General Meeting (AGM).

The proceeds would be used for capital expenditure, key acquisitions abroad, repayment of overseas debt and buy back of Foreign Currency Convertible Bonds (FCCBs) among others.

The company's proposal to raise up to Rs 750 crore would be done through a qualified institutional placement in one or more tranches.

The fund would be raised for meeting the long-term growth plans including the expansion of the existing facilities, key acquisitions, repayment of debt, working capital requirements and general corporate expenses, it had said.