Jindal Steel & Power (JSPL) will seek an approval from shareholders to raise up to Rs 10,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis. NCDs are a secured debt instrument and offer high returns with moderate risk. They cannot be converted into shares.
The company’s board approved seeking shareholders’ nod through postal ballot to increase the company’s borrowing limit to Rs 50,000 crore and for giving loans or guarantees, providing securities and making of investments in securities up to Rs 20,000 crore.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
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