Jindal Steel and Power Ltd plans to raise Rs 1,200 crore via qualified institutional placement

Indian steel major Jindal Steel and Power Ltd (JSPL) plans to raise Rs 1,200 crore via qualified institutional placement (QIP) and has set an issue price of Rs 233 per share.

The company proposes to issue and allot up to 51,502,145 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 BSE.

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

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