Jindal Steel and Power raises Rs 1,200 cr via QIP
Jindal Steel and Power (JSPL) said on Friday that it has raised Rs 1,200 crore through qualified institutional placement (QIP). The shares were issued at Rs 233 per scrip, which was Rs 5.85 above the floor price supported the by interest from long-term investors.
The company plans to use the fresh funds for working capital requirements, operational and capital expenditure and repayment of long-term loans.
The consolidated debt of the company is estimated to be about Rs 45,300 crore. The company is lowering its net losses on the back of global rise in base-metal prices coinciding with higher production at its steel plants. In Q3FY18, JSPL recorded losses of Rs 277 crore, down from Rs 455 crore a year ago.