JSPL board OKs raising upto $1 bln via bond issue

Jindal Steel & Power (JSPL) said that its board has approved a plan to raise up to $1 billion by issuing bonds denominated in foreign currency or rupee in one or more tranches.

The bonds will be non-convertible, senior, unsecured, fixed/LIBOR rate notes. The announcement was made after market hours yesterday.

JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

The company's consolidated net profit declined 73.47% to Rs 41.81 crore on a 62.76% rise in net sales to Rs 10,628.80 crore in Q1 FY22 over Q1 FY21.

The scrip shed 0.34% to Rs 380.45 on the BSE. On a year-to-date (YTD) basis, the stock has gained 43% while the benchmark Sensex has added 19.62% during the same period.

 

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