The board of Jayaswal Neco a manufacturer of pig iron, iron castings, billets and rolled products has approved preferential issue of 1.42 crore shares to Reliance Mutual Fund. The company has raised INR 48 crore through the preferential issue.

Mr PK Bhardwaj CFO of Jayaswal Neco in an interview with CNBC-TV18 spoke about the fund raising plans and the future plans of the company. Here is a verbatim transcript of the interview.

Q. We understand that you have a board approval for issuing nearly 1.5 crore shares to Reliance Mutual Fund. How much money are you raising and what will you do with this money?

A - Currently we need funds for funding our two big projects. In one project we are investing INR 900 crore for expanding the capacity of our steel plant where we are investing for 300,000 tonne of sponge iron plant plus 50 megawatt power project plus 3 million tonne washery and development of our coal mines and iron ore mines. The financial closure is going on, on this project and this equity will help fast implementation of this project.

To read more about the interview please visit
www.steelguru.com

(Sourced from Money Control.com)