JSW Steel raises $500 mn from overseas investors

Chennai: Private steel maker JSW Steel raised $500 million (around Rs 3,500 crore) through an international bonds issue, according to a regulatory filing.

The five-year dollar money sale saw high demand from investors across Europe and Asia, and had attracted bids worth $1.75 billion, merchant banking sources said on Wednesday, according to the PTI.

The company, which is rated one notch below the investment grade, managed a coupon of 5.95 per cent, they said.

“The finance committee of the board of directors of JSW Steel Ltd (the company) has approved the issuance of fixed rate senior unsecured notes (the ‘Notes’) aggregating to $500 million,” JSW Steel said in a filing to BSE.

“The proceeds of the notes will be used by the company to repay external commercial borrowing loans, for capital expenditure or any other purpose…,” it said.

NT Bureau