BackJSPL raises Rs1,000 crore through NCDs to Kotak Mahindra Bank
JSPL does not mention purpose of the fund
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New Delhi: Jindal Steel and Power Ltd (JSPL) on Thursday said it has raised 1,000 crore by issuing 10,000 non-convertible debentures (NCDs) for cash to Kotak Mahindra Bank.
The Naveen Jindal-led firm said the executive sub-committee of the board of the company has allotted 10,000 privately placed rated redeemable unsecured non-convertible debentures, in a BSE filing. The company did not mention the purpose of the fund. However, JSPL along with its subsidiary Jindal Power are needed to pay around 1,800 crore fine, under a Supreme Court directive, for illegal coal mining.
The company would not be able to participate in the coal mine auctions if it fails to pay the fine. The apex court had quashed allocation of 214 coal blocks allotted to various companies since 1993 and ordered allottees to pay 295 per tonne of coal extracted from these mines.
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