Bhushan Steel has decided to raise funds worth $500 million from the market to finance the company’s greenfield projects.
The amount will be raised in one or more tranches from domestic or international markets and may involve one or more currencies.
The company has sought shareholders’ approval for the resolution to raise funds from its investors. “We are planning to mop up funds to finance new projects, including mining operations. However, timing of the fund-raising exercise will be decided later depending on market conditions, both within the country and abroad,” Bhushan Steel CFO Nittin Johri said.
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