JSW Energy Gets Shareholders’ Nod To Raise $750 Million Via Bonds
Sajjan Jindal-led JSW Energy Ltd. on Tuesday said it has received shareholders' approval to raise around $750 million (over Rs 5,000 crore) from international bond sale, which would used to fund expansion plans and repay some of its existing debt of over Rs 10,050 crore.
"As per the cumulative count of the valid votes cast through remote e-voting and physical ballot at the annual general meeting held on Aug. 13, all the 12 items of business, were transacted and approved by the members by passing the necessary Resolutions with requisite majority," an exchange filing said.
The JSW Energy had sought shareholders' approval raising $750 million of long-term debt by selling non-convertible foreign currency denominated bonds or masala bonds.
The company has also got fresh approval of the shareholders raising up to Rs 5,000 crore by issuance of various securities. The company had got the approval of shareholders in last AGM on Aug. 6, 2018. But it did not raise any fund under the approved proposal in the last on year.
The fund raised by issuance of securities would be used to fund the requirements of capital and revenue expenditure including working capital or to meet long-term capital requirements of the company and its subsidiaries, joint ventures and affiliates, including investment in subsidiaries (including overseas subsidiaries), and for repayment of debt, towards strengthening the balance sheet of the company and for any other general corporate purposes.
Under the proposal the the board can create, issue, offer and allot equity shares, global depository receipts, American depository receipts, foreign currency convertible bonds, convertible debentures, non-convertible debentures with warrants and such other securities for raising up to Rs 5,000 crore.