Mumbai: business tycoon sajjan jindal‘S Major JSW Steel Scheme To raise over Rs 25,000 crore through various instruments to finance its development plans.
Its proposed fundraising program includes issuance of equity shares worth Rs 14,000 crore through qualified institutional placement.QIP) route, issuance of non-convertible bonds up to $1 billion (about Rs 8,300 crore) in the international market, and non-convertible debentures (NCDs) of up to Rs 3,000 crore through private placement or public offering in the domestic market.
The funds will be used to meet capital expenditure needs, repayment of outstanding loans and for general corporate purposes. JSW Steel Said. It has a debt of over Rs 59,000 crore as on March 31.
Meanwhile, the company has named Jayant Acharya as joint MD and CEO of the company. Acharya (60), who served as director (commercial and marketing) before being promoted as deputy MD in April 2022, took charge from Seshagiri Rao on Friday. Rao retired on 5 April. Acharya’s new role will have five years as the retirement age for executive directors jsw Steele is 65 years old. The alloys maker inducted Gajraj Singh Rathod, currently chief operating officer, to the board. During his 27-year stint with the company, Rathore (58) headed its Vijayanagar and Dolvi steel units.
The company also said that the Mumbai bench of NCLT has approved its Rs 425 crore offer for National Steel & Agro Industries under the insolvency process. It has made the acquisition through its wholly owned subsidiary JSW Steel Coated Products. This is Jindal’s fifth M&A through the bankruptcy process (view graphic).
Q4 profit up 12%
On Friday, JSW Steel, the country’s largest steel maker by capacity, reported a 12% rise in Q4FY23 profit to Rs 3,741 crore. However, extraordinary charges stood at Rs 741 crore in the year-ago quarter. If excluded, its Q4FY23 profit declined 27% to Rs 4,249 crore. Fall in metal prices and rising input costs have been affecting the sector’s earnings since the beginning of the last financial year.
Its proposed fundraising program includes issuance of equity shares worth Rs 14,000 crore through qualified institutional placement.QIP) route, issuance of non-convertible bonds up to $1 billion (about Rs 8,300 crore) in the international market, and non-convertible debentures (NCDs) of up to Rs 3,000 crore through private placement or public offering in the domestic market.
The funds will be used to meet capital expenditure needs, repayment of outstanding loans and for general corporate purposes. JSW Steel Said. It has a debt of over Rs 59,000 crore as on March 31.
Meanwhile, the company has named Jayant Acharya as joint MD and CEO of the company. Acharya (60), who served as director (commercial and marketing) before being promoted as deputy MD in April 2022, took charge from Seshagiri Rao on Friday. Rao retired on 5 April. Acharya’s new role will have five years as the retirement age for executive directors jsw Steele is 65 years old. The alloys maker inducted Gajraj Singh Rathod, currently chief operating officer, to the board. During his 27-year stint with the company, Rathore (58) headed its Vijayanagar and Dolvi steel units.
The company also said that the Mumbai bench of NCLT has approved its Rs 425 crore offer for National Steel & Agro Industries under the insolvency process. It has made the acquisition through its wholly owned subsidiary JSW Steel Coated Products. This is Jindal’s fifth M&A through the bankruptcy process (view graphic).
Q4 profit up 12%
On Friday, JSW Steel, the country’s largest steel maker by capacity, reported a 12% rise in Q4FY23 profit to Rs 3,741 crore. However, extraordinary charges stood at Rs 741 crore in the year-ago quarter. If excluded, its Q4FY23 profit declined 27% to Rs 4,249 crore. Fall in metal prices and rising input costs have been affecting the sector’s earnings since the beginning of the last financial year.