JSW Steel’s unit plans fundraise via masala bonds

March 18, 2026

JSW Steel’s unit, JSW Kalinga Steel, is raising approximately ₹9,500 crore via unsecured, zero-coupon bonds to finance its joint venture with JFE Steel for the Bhushan Power & Steel business. The five-year non-convertible debentures, rated AA, will be redeemed at a premium, implying yields of about 8.5%.

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