JSW Steel Ltd. on Friday approved a comprehensive fundraising plan of up to RS 19,000 crore through a combination of equity-linked instruments and debt, according to a stock exchange filing. The board has approved raising up to RS 7,000 crore via equity shares and/or convertible securities (excluding warrants) and an additional RS 7,000 crore through non-convertible debentures (NCDs) with warrants convertible into equity shares. These issuances, to be offered to Qualified Institutional Buyers, may be exercised individually or together, subject to shareholder and regulatory approvals. 
 
 
 
A fresh enabling resolution will be placed before shareholders at the upcoming AGM, replacing the one passed in July 2024 which has since lapsed. Additional RS 5,000 crore via NCD issue Separately, the board has approved raising up to RS 5,000 crore through secured or unsecured, redeemable NCDs via private placement or public issuance. The proceeds will be used to refinance short-term borrowings, meet capex and working capital needs, and for general corporate purposes.

The fundraising announcement came alongside the company’s Q4FY25 earnings. Consolidated net profit rose 14% YoY to RS 1,501 crore, beating CNBC-TV18’s estimate of RS 1,470 crore. Revenue declined 3% to RS 44,819 crore, slightly below estimates. Operating EBITDA stood at RS 6,378 crore, with margins at 14.2%, both below expectations. The board recommended a final dividend of RS 2.80 per equity share. Shares of JSW Steel ended 0.68% higher on the BSE at RS 1,012.40.