A worker cycles past signage for Jindal Steel & Power Ltd.’s plant in Raigarh, Chhattisgargh, India. (Photographer: Udit Kulshrestha/Bloomberg)

JSPL To Raise Rs 1,200 Crore Via QIP

Jindal Steel and Power Ltd. plans to raise Rs 1,200 crore through a qualified institutional placement and has set an issue price of Rs 233 per share.

The company proposes to issue and allot up to 5.15 crore equity shares at an issue price of Rs 233 per share aggregating to a total issue size of approximately Rs 1,200 crore, JSPL said in a filing to the BSE.

JSPL has presence in steel, power, mining and infrastructure sectors. The company operates coal-based sponge iron plant and has an installed capacity of 3 million tonnes per annum of steel at Raigarh in Chhattisgarh.

Shares of JSPL were trading 5.16 percent lower at Rs 213.15 on BSE.