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Steel News December 19, 2014 07:09:14 AM

Jindal raises 10 billion dollars as debt through NCDs to Kotak Mahindra Bank

Paul Ploumis
ScrapMonster Author
India based, Jindal Steel and Power declared today that the company, has raised 10 billion dollars, by issuing 10,000 noon convertible debentures for cash to Kotak Mahindra Bank.

Jindal raises 10 billion dollars as debt through NCDs to Kotak Mahindra Bank

NEW DELHI (Scrap Monster): The company led by Naveen Jindal stated in the BSE filing that, the executive sub-committee of the Board of the company has approved of 10,000 personally placed rated and redeemable, unsecured as well as non convertible debentures.

The company rejected to inform the media the need of the fund. Any ways, it is well known that, JSPL and also its subsidiary version Jindal Power are in the need to pay fine, which is worth around 18 billion dollars, based on the orders of the Supreme Court, under the lawsuit for illegal coal mining.

If the company fails to pay the fine, it will not be permitted to participate in the coal block auction, launched by the government. 

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