PTI reported that JSL Stainless has received an enabling resolution from shareholders to raise up to INR 750 crore, which could be used to part fund its Greenfield plant in Orissa, through qualified institutional placement.

JSL said in a filing to the Bombay Stock Exchange that "The members at the extra ordinary general meeting of the company have received authorization to issue, offer and allot securities to qualified institutional buyers through QIP up to an aggregate amount of INR 750 crore."

A company official said that the proposed fund was meant for part funding the INR 6,000 crore stainless steel manufacturing plant in Orissa.

The shareholders have also approved the change in the name of the company to Jindal Stainless Limited from JSL Stainless Limited.

(Sourced from PTI)