Jindal Steel and Power raises Rs 1,000 crore through NCDs to Kotak Mahindra Bank

NEW DELHI: Jindal Steel and Power today said it has raised Rs 1,000 crore by issuing 10,000 non-convertible debentures for cash to Kotak Mahindra Bank.

The Naveen Jindal-led firm said executive sub-committee of Board of the company, has allotted 10,000 privately placed rated redeemable unsecured non-convertible debentures, it said 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 Rs 1,800 crore fine, as per the Supreme Court directive, for illegal coal mining.

The company would not be able to participate in the coal mines auctions if it fails to pay the fine.

The apex court had quashed allocation of 214 coal blocks alloted to various companies since 1993 and ordered allottees to pay Rs 295 per tonne of coal extracted from these mines.