JSPL raises Rs 1,000 crore via non-convertible debentures to Kotak Mahindra Bank

Jindal Steel and Power (JSPL) on Thursday 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 Bombay Stock Exchange (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.