JSW Steel may close Bhushan Power deal on March 26

Sajjan Jindal's JSW Steel is likely to close the Bhushan Power & Steel Ltd (BPSL) deal on March 26, sources told CNBC-TV18. JSW Group is expected to transfer Rs 19,350 crore to financial creditors to close BPSL deal. It had raised Rs 2,500 crore via non-convertible debentures earlier this week to fund the deal.

The company is expected to fund the deal via a mix of debt and internal accurals, sources said. CNBC-TV18 had reported on March 1 about JSW looking to close deal by the month end.

On March 5, banks had voted in favour of accepting JSW's terms for takeover and had agreed to return JSW's money in case of an adverse SC order after the closure of the deal. Lender for Bhushan Power are expecting to see a windfall gain in Q4 post the deal closure as BPSL is fully provided for.