JSW Steel to raise $1 bn via dollar bonds for Bhushan acquisition, capex

Source says talks with firm are currently focused on structure of offering and seeking necessary approvals from RBI. Issue will be launched as early as this month

JSW Steel is planning to raise $1 billion to fund its acquisition of Bhushan Power and Steel and refinance old loans. 

A banking source said talks with the company are currently focused on the structure of the offering and seeking necessary approvals from the Reserve Bank of India (RBI). "The issue will be launched as early as this month," said a banker. 

Backed by rising steel prices and higher output, JSW Steel reported Rs 19,329 crore of revenue and profits of Rs 2,829 crore in December quarter. Its stock was trading at Rs 410.50 a share at around 1415 hours