JSW Steel hired State Bank of India and Bank of India to refinance about 10,000 crore ($2.2 billion) of debt assumed through the takeover of Ispat Industries. The new syndicated loans are expected to be arranged by June, at least three months ahead of the September deadline set by Ispat’s lenders. IDBI Bank, the largest lender to Mumbai-based Ispat, and other banks agreed to forgo losses incurred due to payment defaults.
JSW Steel paid $476 million, excluding the debt, for about 45% of Ispat in December, increasing factory capacity by more than two-fifth. Refinancing Ispat’s debt will help JSW Steel lower interest costs by about 4 percentage points to less than 10%. The company expects to receive regulatory approval as early as next week for an open offer to buy 20% of Ispat, according to takeover rules. The price of the offer that could be made within 10 days after the approval will be 20.54 a share.crackcrack
| Company Name | CMP |
|---|---|
| Tata Steel | 211.85 |
| JSW Steel | 1273.00 |
| SAIL | 172.40 |
| Jindal Stainless | 792.10 |
| APL Apollo Tubes | 2149.30 |
| View more.. | |
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