Jindal Saw raises Rs. 500cr as NCDs to LIC
Jindal Saw has raised Rs 500 crore through allotment of non-convertible debentures (NCD) on a private placement basis to LIC of India. The OP Jindal group company manufactures submerged arc welded (SAW) pipes and other
image for illustrative purpose
New Delhi: Jindal Saw has raised Rs 500 crore through allotment of non-convertible debentures (NCD) on a private placement basis to LIC of India. The OP Jindal group company manufactures submerged arc welded (SAW) pipes and other
pipes for the energy transportation sector.
"The board of director in their meeting held today (Friday) allotted 5,000 secured, redeemable, taxable, non-cumulative, NCDs of face value of Rs 10,00,000 each aggregating to Rs 500 crores to LIC of India on private placement basis," the company said in a regulatory filing to the BSE on Friday.
Apart from manufacturing SAW pipes, the company builds carbon, alloy and seamless pipes and tubes for industrial applications besides ductile Iron pipes and fittings for water and wastewater transportation. The company claims it pipes to be energy-efficient that reduce dependence on fossil fuels, and help conserve natural resources.
