JSW Steel Ltd.

JSW Steel has redeemed the outstanding zero coupon convertible bonds (FCCBs) at 142.801% of the outstanding principal amount of $274.40 million. With this, the company has thus fully discharged its obligation towards the holders of these FCCBs, by making the payment totaling to $391,845,944 inclusive of redemption premium to the Principal Paying Agent, Citibank, NA, London.

The company had earlier issued the bonds of face value $1,00,000 in June 2007 which got due on June 28, 2012.

Further, as a result of the above redemption, there has been no dilution in the company’s equity share capital, which would have otherwise occurred through the issue of 1,15,93,069 equity shares of Rs 10 each arising out of such conversion of the said FCCB's.

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.