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JSL Stainless gets nod to raise Rs750 crore via QIP

The funds would be utilised for part-funding the Rs6,000 crore stainless steel manufacturing plant in Orissa

JSL Stainless said it had received an enabling resolution from shareholders to raise up to Rs750 crore, which could be used to part-fund its greenfield plant in Orissa, through qualified institutional placement.

"The members at the extra ordinary general meeting of the company have [received] authorisation to issue, offer and allot securities to qualified institutional buyers through QIP up to an aggregate amount of Rs750 crore," JSL said in a filing to the Bombay Stock Exchange (BSE).

A company official said that the proposed fund was meant for part-funding the Rs6,000 crore stainless steel manufacturing plant in Orissa.

The shareholders have also approved the change in the name of the company to 'Jindal Stainless Ltd' from 'JSL Stainless Ltd'.

On Thursday, JSL Stainless closed at Rs74.75 per share on the Bombay Stock Exchange, 6.25% up from the previous close.

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