Jindal Saw Ltd on Thursday said its board has approved a proposal to raise up to Rs 1,000 crore by issuing equity shares and other securities.
The proceeds are proposed to be utilised towards prepayment and/or repayment of borrowings of the company, the pipes maker said in an exchange filing.
"The board has approved the raising of funds by way of issuance of equity shares and/or other securities convertible into equity shares (including warrants, or otherwise) through permissible modes, for an aggregate amount not exceeding Rs 1,000 crore or an equivalent amount by way of one or more qualified institutions placement or through any other permissible mode and/or combination...," it said.
The proposal is subject to regulatory/statutory approvals as may be required and the approval of shareholders of the company, the filing said.
Jindal SAW is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, the U.S., Europe and the UAE.
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