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Thursday, April 11, 2013

Jindal Steel & Power Limited (JSPL) To Issue Bonds
~~By Pranav Puri
Jindal Steel and Power Limited (JSPL) has decided to fund its expansion plans in steel and power sector by issuing bonds worth Rs.3500 Cr in domestic market, as stated in moneycontrol.com.

JSPL is keen to expand reach in domestic market and hence has lined up huge investment for its Odisha plant, of which it intends to increase capacity from 6 mtpa. Last year too in July JSPL had raised Rs.3,500 Cr from a consortium of lenders for setting up a steel plant in Odisha.

In the recent time JSPL has raised Rs.300 Cr by issuing 3,000 unsecured, redeemable NCDs to HDFC Bank.

In February, JSPL was planning to increase its stake in Australia's Apollo Minerals to 11.70% by acquiring additional 10 Mn shares of the firm for about A$ 0.4 Mn.

Recently JSPL's bid to acquire a majority stake in Gujarat NRE Coke's Australian subsidiary has not been successful, with the company managing to acquire only 31.49% stake at the end of its open offer.

Another steel company Steel Exchange India Ltd. (SEIL) is close to raising funds worth Rs.300 Cr for its pellet plant. Which were to be met through obtaining loans of Rs.200 Cr and the rest to be met by equity infusion by promoters.

In the same space SAIL also was planning to raise $27.83 Mn through 8.70% five-year bonds redeemable in three equal annual installments.

Courtesy: Deal Curry