Source: CNBCTV18
JSW Steel Ltd. on Friday approved a comprehensive fundraising plan of up to â¹19,000 crore through a combination of equity-linked instruments and debt, according to a stock exchange filing.
The board has approved raising up to â¹7,000 crore via equity shares and/or convertible securities (excluding warrants) and an additional â¹7,000 crore through non-convertible debentures (NCDs) with warrants convertible into equity shares. These issuances, to be offered to Qualified Institutional Buyers, may be exercised individually or together, subject to shareholder and regulatory approvals.
A fresh enabling resolution will be placed before shareholders at the upcoming AGM, replacing the one passed in July 2024 which has since lapsed.
Additional â¹5,000 crore via NCD issue
Separately, the board has approved raising up to â¹5,000 crore through secured or unsecured, redeemable NCDs via private placement or public issuance. The proceeds will be used to refinance short-term borrowings, meet capex and working capital needs, and for general corporate purposes.
Also Read: JSW Steel Q4 Results: Net profit rises 14% but revenue declines from last year
The fundraising announcement came alongside the companyâs Q4FY25 earnings. Consolidated net profit rose 14% YoY to â¹1,501 crore, beating CNBC-TV18âs estimate of â¹1,470 crore. Revenue declined 3% to â¹44,819 crore, slightly below estimates. Operating EBITDA stood at â¹6,378 crore, with margins at 14.2%, both below expectations.
The board recommended a final dividend of â¹2.80 per equity share. Shares of JSW Steel ended 0.68% higher on the BSE at â¹1,012.40.
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