JSW Steel has received shareholders' approval to raise a total of Rs 14,000 crore through private placement and qualified institutional placement (QIP) route. The fund will be utilized for planned capital expenditure including refinancing of expensive debt and reducing interest costs, among other corporate purposes.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
