JSW Steel plans to raise Rs. 5,032 crore from foreign investors

JSW Steel, which is owned by Sajjan Jindal, is looking to raise about Rs. 5,032 crore ($750 million) from foreign investors.

A board meeting will be held on July 27 to decide the further course of action, the company said in its regulatory filing with the Bombay Stock Exchange.

"In the aforesaid meeting, the Board would also be considering raising of long term funds through issuance of Non-Convertible Senior Unsecured Fixed Rate Bonds denominated in foreign currency or Rupee for up to USD 750 Million in the International Markets," the company said in a regulatory filing.

According to Press Trust of India report last month, JSW is planning to participate in the upcoming auction of iron ore mines in Karnataka and other states in order to maintain self-sufficiency of raw materials.

The steelmaker giant had last month said it would approach shareholders to raise $2 billion from global capital markets to comply with the company's long term plan for capital expenditure and loan refinancing.

In a regulatory filing with the BSE, the firm had said that "it currently does not enjoy as much access to captive raw material resources like some of its peers. However, the company is working to enhance its raw material self-sufficiency. To achieve this, it continues to explore opportunities, both within and outside India."

JSW's currently has steel plants in Karnataka, Tamil Nadu and Maharashtra, with an installed capacity of 18 million tonnes per annum (mtpa). India's largest private steel manufacturing company aims to have a combined capacity of 40 mtpa in the next decade.

The JSW Steel stock was trading closed at Rs. 1,614 on Friday, up 0.26 percent from its previous close on the BSE.