JSW Steel and JSW Energy are planning to raise funds through various modes including issuance of shares. Both the entities together account for 85% of revenues for Sajjan Jindal’s JSW Group. JSW Energy plans to raise up to Rs.5000 crores through various modes, following an approval from shareholders. The funds will be used for working capital needs, long-term capital requirements, repayment of debt, and other general corporate purposes.
The company will seek the permissions at its annual general meeting slated to be held on June 14. The fundraising would be through issuance of equity shares, bonds and other securities. It will also invest in joint ventures and other affiliates. In August 2021, the company had received shareholders’ approval to raise Rs 5,000 crore, with a year’s validity. It had raised the funds through various modes. Separately, JSW Steel is also seeking board approvals to raise funds. The company’s board, at its meeting slated on Friday, will consider raising long-term funds through qualified institutional placement (QIP) and permissible securities “as and may be required.”
