JSW Group Firms Plan $300 Million Debt Sales

Two companies of India’s JSW Group plan to raise a combined ₹28.5 billion ($298 million) through shorter-tenor bonds during the October-December quarter, according to bankers. JSW Energy is expected to raise around ₹15 billion through bonds of up to five years, while JSW Steel could raise about ₹13.5 billion through three- or four-year debt.

The companies could approach the bond market as early as October if borrowing rates remain favourable, the bankers said. JSW Energy, which operates thermal, hydro and renewable power businesses, has around ₹25 billion of outstanding bonds and is rated AA by India Ratings.

JSW Steel has more than ₹61 billion in outstanding bonds and carries an AA+ rating from ICRA and India Ratings. The steelmaker last raised funds from the bond market more than two years ago, securing ₹22.5 billion through five-year and seven-year bonds.

Pic courtesy: google/ images are subject to copyright