Jindal Saw on Monday announced that the company's board of directors have approved a fundraising proposal. A meeting was held among the board members earlier today.
The board approved the issuance of listed, secured, taxable, redeemable, non-convertible debentures (Debentures), in one or more tranches, aggregating up to Rs. 1,000 crores (Rupees One Thousand Crores Only) on private placement basis to the investors to be identified through Electronic E-biding Platform (EBP).
Also, the board approves the proposal of winding up of Jindal International FZE (UAE), a step-down subsidiary of the Company which is dormant since its incorporation.
On Sensex, Jindal Saw ended at Rs80.70 per piece down 1.94%.