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JSW Steel, led by Sajjan Jindal, announced its intention to mobilize additional long-term resources, including the issuance of shares or other securities, through the intermediary of the company. a rights issue at the meeting of its board of directors to be held next week.
The promoter and the group of promoters hold 42.32% of the capital of the company, while 57.12% are held by the public.
The confidence of employees and non-public non-promoters holds 0.56%.
"At its meeting of October 25, the board consider mobilizing additional resources in the long term, including, but not limited to, the issuance of shares or shares. "other securities through a rights issue subject to regulatory approvals," said JSW Steel in a document filed Saturday.
to finalize the Corporation's unaudited consolidated and unaudited financial results for the three and six months ended September 2018 and the payment of a 10% cumulative 10% Redeemable Preferred Share Dividend
a bank source, "JSW Steel is exploring differentiated financing options, including a joint control model, to fund its acquisition of" stressed. "Assets of Bhushan Power and Steel."
This is of particular importance since the JSW Steel's offer of 19,700 crores of rupees for Bhushan Power and Steel (BPSL) with debt is supported by about 90% of the lenders.
Under the joint model control, a special purpose vehicle (SPV) will be set up and the stressed badets acquired will belong to it.
The common control model will isolate the impact on the debt of the stressed badets of these two companies remaining to be acquired on JSW Steel.
If so acquired, JSW Steel plans to merge the two companies' badets under duress after the recovery of the badets under pressure.
Bhushan Power is among the 12 nonproductive accounts referred by the RBI for ongoing NCLT It owes about 45,000 crore rupees to its lenders.
JSW Steel had already partnered with NuMetal Maurice to place an offer of Rsar's 37,000 crore on Essar Steel in the second round of applications.
However, Essar Steel's creditors' committee on Friday chose ArcelorMittal as the highest bidder under the IBC contract.
JSW Steel, with a capacity of 18 million tonnes per year (mtpa), manufactures flat and long products, including hot rolled coils and cold rolled coils, galvanized products, galvalume products, color-coated products, flat products, bars and bars of quality auto / white goods.
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