JSW Steel said that it will raise INR 462 crore through the issuance of securities to Japan's JFE Steel Corporation. The Japanese firm currently has 14.61% stake in the Sajjan Jindal led firm.

JSW Steel in a filing to the Bombay Stock Exchange said that “The Finance Committee, a sub-committee of the board of directors of the company, at its meeting... decided to open on December 13th 2010, the issuance of 3,085,814 GDRs to JFE Corporation, Japan, on a preferential basis.”

The issuance of Global Depository Receipts has been approved by JSW Steel's board and shareholders. Each GDR would be priced at INR 1,500, valuing the total issue at around INR 462 crore.

(Sourced from ET)