JSW Steel to raise $1 bn via QIP, FCCB issue

JSW Steel on Thursday said it will raise $1 billion (about Rs 4,775 crore) through qualified institutional placement (QIP) and issue of securities in the international markets for part-financing its capital expenditures and for meeting general corporate purposes.

The board has approved the raising of long-term funds aggregating $1 billion or its Indian rupee equivalent to part-finance its capex and for other general corporate purposes, including reducing the leverage, depending on market dynamics, JSW Steel said.