JSW Steel To Consider Fundraise Via QIP, NCD Issue On May 23

JSW Steel Ltd. said its board will meet on May 23 to consider the proposal to raise funds through various modes including qualified institutional placement or issuance of non-convertible debentures.

The proposal before the board will be of "raising of long-term funds, including but not limited to, Qualified Institutions Placement of permissible securities and issuance of Redeemable Non-Convertible Debentures, subject to such regulatory/statutory approvals as may be required", according to an exchange filing on Friday.

This comes months after reports said the steelmaker was looking to raise funds to the tune of $900 million, or around Rs 7,650 crore. The bank was looking to raise the funds in the form of loan from a syndicate of 10 international lenders, Bloomberg had reported in January.

Meanwhile, JSW Steel's board will also review and approve the release of the company's audited financial results for the quarter ended March 31, 2025 on May 23. The company will also consider recommending a dividend on its shares.

Notably, JSW Steel's net profit declined in the third quarter of fiscal 2025, though it remained in line with analysts' expectations. The fall was due to a comprehensive loss of Rs 1,391 crore, an exceptional item, and higher deferred taxes. The revenue during the same period decreased 70.3% to Rs 717 crore.