Board of JSW Steel approves sub-division of shares and raising of funds

At meeting held on 27 October 2016

JSW Steel announced that the Board of Directors of the Company at its meeting held on 27 October 2016,

1. Sub-division of equity shares of the Company.

The Board has approved the sub-division of each of the Equity Shares of the Company having a face value of Rs.10/- (Rupees Ten only) into 10 (Ten) Equity Shares having a face value of Re. 1/- (Rupee One only) each.

The sub-division of equity shares is subject to approval of shareholders, which will be sought by way of a postal ballot, and any other statutory and regulatory approvals. Accordingly, the record date for sub-division of the equity shares will be announced in due course.

2. Raising of Long Term Funds through Issuance of Redeemable Non-Convertible Debentures either by way of a Public Issue or by way of a Private Placement (NCD):

The Board has approved the raising of funds not exceeding Rs. 2,000 crore in the aggregate, through the issuance of Redeemable Non-Convertible Debentures either by way of a Public Issue or by way of a Private Placement and has authorised a sub-committee of Directors to decide on all matters relating to the proposed issuance of the Debentures including finalisation and approval of the detailed terms of issue.

The issue proceeds would be majorly used for refinancing of expensive debt, to meet long term working capital requirements, to meet requirements for Normal Capital Expenditure and for General Corporate purposes.

Powered by Capital Market - Live News