NEW DELHI: Sajjan Jindal-led JSW Steel will approach shareholders to raise up to $2 billion from global capital markets to meet its long-term capex requirement and loan refinancing, among others.

The steelmaker will place the enabling resolution before its shareholders next month, the company said in a regulatory filing. It is in the interest of the company to raise long-term resources with convertible option so as to optimise capital structure for future growth, it said.

“The proceeds of the issue will be used for long-term funding to meet the planned capital expenditure and for other corporate purposes, including refinancing of expensive debt to reduce interest costs and to meet any unlikely shortfall in unforeseen circumstances,” it added. — PTI