JSW Steel hires intermediaries for investor meetings

New Delhi: JSW Steel today said it has appointed intermediaries for organising investor meeting with regard to raising up to USD 750 million (around Rs 4,871 crore) via bonds.

"The company has appointed intermediaries for organising investor meetings for the probable foreign currency denominated bonds. The bond offering may follow, subject to market conditions," JSW Steel said in a BSE filing.

Sajjan Jindal-led company had last year said it was looking to raise up to USD 750 million from international markets. In this regard, a meeting of the Board of Directors was convened on July 27, 2016.

"The board...had approved to raise long term funds through the issuance of non-convertible foreign currency/rupee denominated senior unsecured fixed rate bonds up to USD 750 million in one or more tranches in the international market either by the company or by any of its overseas subsidiaries backed by corporate guarantee of the company," JSW Steel said.

The finance committee in March approved the preliminary offering circulation in relation to the notes issuance of the company.

In separate filing, the company said that senior management of JSW Steel with the joint lead managers appointed for the proposed issue of foreign currency denominated bonds shall engage in meetings and presentations with institutional investors, analysts among others, outside of India in relation to the proposed issuance.