JSW Steel said it will seek approval from its shareholders to raise thousands of crores of rupees via debt and equity in the upcoming annual general meeting of the company.
“the Company had obtained the approval of members at the Annual General Meetings held on 26.07.2016 and 31.07.2014 for raising of resources in the form of specified securities by Way of qualified institutions placement and in the form of Foreign Currency Convertible Bonds/ADR/GDR/Warrants or other instruments convertible into Equity Shares.
“These enabling resolutions were not acted upon and in order to validate these resolutions with enhanced amounts, fresh approvals are also being sought from the shareholders at the annual general meeting,” it said.
Resolutions will be moved to allow raising up to Rs 4,000 cr via non-convertible debentures, up to Rs 4,000 cr via convertible instruments and $1 bln (Rs 6,500 cr) via foreign currency convertible bonds or depository receipts sold outside India.
The convertible and non-convertible instruments would be sold to institutional investors via private placement.
JSW Steel is India’s second largest steel maker.