On Friday, JSW Steel said that its board had approved plans to raise up to Rs 17,000 crore through various securities offerings and tap international markets to raise $1 billion.

According to a regulatory filing, it intends to raise a total of Rs 17,000 crore through the issuance of instruments such as convertible securities and non-convertible debentures (NCDs).

Separately, JSW Steel said its board of directors has approved a proposal to raise $1 billion through the issuance of non-convertible senior unsecured fixed-rate bonds in the international market.

The plan to raise Rs 14,000 crore through the issuance of non-convertible bonds and convertible securities has been approved by shareholders in July 2022, the company said.

“The authorising resolution has not been implemented within the stipulated one-year period. Therefore, for the said resolution to be effective, new approval from shareholders is being sought at the subsequent annual general meeting,” the filing said.

The board also approved the issuance of secured/unsecured redeemable NCDs in the domestic market in tranches or tranches not exceeding Rs 3,000 crore by way of private placement and/or public offering to raise Rs 3,000 crore.

The company intends to use the proceeds to replace short-term loans, meet long-term working capital needs, capital expenditures/repayment of incurred capital expenditures and/or for general corporate purposes.