Multibagger Jindal Saw board approves raising up to ₹1,000 crore via QIP route

The money could be raised via sale of equity shares or other securities like warrants, which could be later converted into equity shares, or a combination of the two, the pipe maker informed the bourses.

Most of the ₹1,000 crore raised through QIP route will be used to repay debt, which stood debt of over ₹3,200 crore at the end of March 2023.

Not more than 10% of the amount will be used for general corporate purposes, the company said.

At the March 2023, Jindal Saw had a debt of over ₹3,200 crore. The proposal to raise money will now need the approval of shareholders, which will be sought at an extraordinary general meeting (EGM).

Jindal Saw has given extraordinary returns of 316.55% (more than four times the value in December 2022) to its investors so far in the year 2023. Its share prices have grown sharply by over 460% in the past three years.

Shares of Jindal Saw Ltd were trading flat at ₹430 per piece, down 0.16%, on BSE at 2:35PM.