MUMBAI: JSW Steel, India's biggest maker of the alloy, Wednesday completed raising $500 million by selling dollar bonds, marking a revival in global debt issues by large local companies.

The company received subscriptions worth $1.75 billion, about four times the quantum of bonds on offer, two people with direct knowledge of the sale told ET.

The dollar-denominated bonds, maturing in five years, offered 5.95%.

On April 4, ET reported that JSW Steel was set to raise $500 million through overseas bonds. The company would use the proceeds to expand capacity at its Vijayanagar plant in Karnataka.

Deutsche Bank, First Abu Dhabi Bank, BNP, Citi, JP Morgan and Standard Chartered are among the investment bankers that helped JSW Steel raise the funds.

“Quite frankly, even after the strong re-opening of the international bond markets for Indian high-yield issuers, the response to JSW Steel has been overwhelming,” said Amrish Baliga, MD & Head Financing, Deutsche Bank, one of the lead bankers to the issue.

The order book reflected the quality of this credit instrument, which was well articulated to an international audience, said Baliga.

Fitch and Moody’s rated the steelmaker’s bonds BB and Ba2, respectively, one notch below the investment grade, with stable and positive outlook.