JSL to come out with rights issue

Stainless steel major Jindal Stainless Limited (JSL) is expected to come out with rights or GDR issue soon with a size range of Rs 300 to 500 crore, JSL’s Vice Chairman & Managing Director Ratan Jindal said here today.

“We are going ahead with our plans and with the corporate debt restructuring (CDR) getting through, we are likely to hit markets with a rights or global depository receipt (GDR) issue within a month or two,” Jindal said.

Speaking about the terms of CDR, Jindal said “It’s basically door-to-door nine years. The CDR cell have given us moratorium of 2 to 3 years, and then in next six years we shall repay all the loans,” Jindal said.

“The instrument for raising money to a tune of Rs 300 to 500 crore is still not decided,” he said, adding, the issue will not be through initial public offering.

Majority of the loans shall be repaid back locally, while few shall be paid back in foreign currency, he added.