JSL Stainless today said it had received an enabling resolution from shareholders to raise up to Rs 750 crore, which could be used to part-fund its greenfield plant in Orissa, through qualified institutional placement.
"The members at the extra ordinary general meeting of the company have [received] authorisation to issue, offer and allot securities to qualified institutional buyers through QIP up to an aggregate amount of Rs 750 crore," JSL said in a filing to the Bombay Stock Exchange (BSE).
A company official said that the proposed fund was meant for part-funding the Rs 6,000 crore stainless steel manufacturing plant in Orissa.
The shareholders have also approved the change in the name of the company to 'Jindal Stainless Ltd' from 'JSL Stainless Ltd'.
JSL Stainless's scrip today tumbled by 11.62% on the BSE to Rs 70.35 from the previous closing.