JSW Steel Ltd.

JSW Steel is likely to complete its $275 million fund raising programme by March this year. The company plans to utilize the funds raised through this overseas borrowing issue for funding the outstanding foreign currency convertible bonds worth $274.40 million, which are redeemable on June 28 of this year.

Out of $275 million worth ECB’s, $200 million have been already tied up and further the company expects to raise the remaining amount by the green shoe option and has 45 day remaining for the completion of the same. The company earlier stated that it is planning to raise up to $275 million through overseas borrowings, including a green-shoe option of $75 million.

The company has kept the conversion price of loan into equity shares at Rs 892.99 apiece, which is 10 per cent above the floor price and is in accordance with the rules laid down by Finance Ministry for issue of such convertible instruments.