JSW Steel to raise ₹14k cr to fund growth

Mumbai: JSW Steel plans to raise Rs 14,000 crore through convertible instruments and fresh equity to help fund its growth and other plans. Besides, the company plans to merge Monnet Ispat & Energy, which it had acquired through the bankruptcy route, with itself. Concurrently, JSW Steel’s profit declined 20% to Rs 3,343 crore during the fourth quarter of fiscal 2022, hurt by exceptional charges due to write-down of its US assets.
The company’s board has approved the amalgamation of Creixent Special Steels and the publicly listed JSW Steel Ispat Special Products into JSW Steel.