JSL (formerly Jindal Stainless Ltd) has raised Rs 250 crore through a QIP issue. The net proceeds from the offering will be used for accelerating expansion of its stainless steel slant in its phase II, Orissa as stipulated by the CDR Cell, the company said in a statement.
On March 26, JSL also signed the Master Restructuring Agreement with a majority of lenders for its corporate debt restructuring (CDR) scheme. The scheme will give liquidity support to the company to complete the Phase II of the project.
With the implementation of this Phase II, the company will be the largest integrated stainless steel producer in the country with the capacity of 1.72 million tones.
The company also contemplates to bring down its finance cost by 150–200 basis points by part converting its rupee loans to foreign currency loans.
