JSL to raise Rs 500 cr to part fund Orissa project

Ratan Jindal-led JSL (formerly known as Jindal Stainless), the country's largest stainless steel producer, on Wednesday said it will raise up to Rs 500 crore to part fund the second phase of its Rs 5,700-crore Orissa project, according to media reports.

The company has proposed for 1.6-MTPA stainless steel plant in Orissa. The board of the company informed BSE on April 6 that it’s considering issuing securities on rights basis to raise funds.

The board of directors shall also consider issuing equity shares to qualified institutional buyers through qualified institutional placement and raising money through international offerings by way of issue of FCCBS and GDRs.

The company sources say that the company has raised about Rs 4,400-4,500 crore debt and Rs 5,700 crore required for the second phase of the proposed project.