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Mumbai: JSW Steel Ltd will consider a proposal to raise $750 million in long-term funds by selling non-convertible bonds, the company said in a statement on Friday.

The board of directors of the company will discuss a proposal to raise these funds through a sale of non-convertible, senior, unsecured, fixed-rate bonds denominated in foreign currency or rupees in the international markets, the company said in its statement to BSE. The company will hold its next board meeting scheduled for 27 July.

On 29 June, JSW Steel said it will seek shareholders’ approval to set an overall limit of raising $2 billion by selling non-convertible, foreign-currency denominated bonds to fund its long-term capital expenditure plans. JSW Steel will seek this approval at its annual general meeting on Tuesday.

The $750 million to be raised is part of the $2 billion the company is seeking approval for from its shareholders.

“The proceeds of the issue will be used for long-term funding to meet the planned capital expenditure and for other corporate purposes, including refinancing of expensive debt to reduce interest costs and to meet any unlikely shortfall in unforeseen circumstances," the company said in its annual general meeting notice sent to BSE on 29 June. As of March 2016, JSW Steel had total debt of 35,171.26 crore.

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