The Board has appointed and recommended appointment of M/s. S. Srinivasan & Co. as the Secretarial Auditor of the Company.
Awaiting price reaction for this filing.
JSW Steel's Board has recommended a final dividend of Rs. 2.80 per share (280%) on equity shares of Re. 1 each for FY25, subject to shareholder approval at the AGM on 25th July 2025 (record date 8th July 2025). The Board approved raising long-term funds of up to Rs. 7,000 crores through Non-Convertible Debentures with warrants convertible into equity, plus another Rs. 7,000 crores via equity shares/convertible securities, to Qualified Institutional Buyers under the QIP route — total potential equity-linked raise of Rs. 14,000 crores. Separately, the Board approved issuing Secured/Unsecured Redeemable NCDs up to Rs. 5,000 crores via private placement/public issue from banks/FIs, to refinance short-term debt and fund capex. The Board also appointed M/s. S. Srinivasan & Co., Company Secretaries, as Secretarial Auditor for five consecutive years starting FY26, subject to shareholder approval. The earlier shareholder enabling resolution for the QIP (passed at the July 2024 AGM) lapsed and a fresh approval will be sought at the upcoming AGM.
The proposed QIP and convertible warrant issuance of up to Rs. 14,000 crores signals potential equity dilution and is a key event for shareholders to watch — pricing and timing will determine the dilution impact. The Rs. 5,000 crore NCD route is debt-only and less dilutive but adds to leverage. The 280% dividend offers a reasonable yield but is secondary to the large fund-raising plan.