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JSL board approves raising Rs 99 cr via NCD issue

The board of the stainless steel major approved raising Rs 99 crore by issuing non-convertible debentures (NCDs).

September 24, 2022 1:00 IST | capital market
The board of Jindal Stainless (JSL) approved issuing upto 990 rated, listed, unsecured, redeemable, NCDs having face value of Rs 10 lakh each, aggregating to Rs 99 crore, through private placement basis. Tenure of the NCDs is for 48 months. Coupon shall be fixed at 8.62% per annum and shall be payable annually from the allotment date. The company proposes to utlise the funds towards repayment of existing debt and high-cost debt facilities, part funding of capital expenditure (including maintenance capex), long term working capital requirements, and reimbursement of capital expenditure for last six months. The company said that the issue of aforesaid NCDs is within the overall limit approved by the board. JSL has a stainless steel melt capacity of 1.1 million tonnes per annum. Its unit is located in Odisha. On a consolidated basis, net profit of JSL rose 6.13% to Rs 321.32 crore on 35.74% rise in net sales to Rs 5474.12 crore in Q1 June 2022 over Q1 June 2021. Shares of JSL fell 2.87% to Rs 137 on Friday, 23 September 2022. Powered by Capital Market - Live News

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