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JSW Steel to raise INR 3500 crore to fund Bhushan Power & Steel acquisition - Report

Steel News - Published on Tue, 11 Dec 2018

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Money control reported that JSW Steel is looking to raise up to INR 3,500 crore via a domestic bond sale to partly finance its INR 19,500-crore acquisition of Bhushan Power & Steel. The Mumbai-based steelmaker plans to sell about INR 3,000 crore to INR 3,500 crore of bonds and is reportedly in talks with lenders Credit Suisse, Deutsche Bank and Standard Chartered for the purpose. Sources told the paper that the bonds will have maturities of three or four years, but that their pricing has not been finalised as yet. The bond sale will likely take place in January, once the National Company Law Appellate Tribunal (NCLAT) gives its final approval for it.

Bhushan Power & Steel was admitted for insolvency proceedings around June last year after defaulting on dues worth INRs 47,000 crore.

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Posted By : Ratan Singh on Tue, 11 Dec 2018
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