JSW Steel share price gains 4.2% to scale 52 week high. Among key Nifty 50 gainers as US subsidiary plans raising funds.

JSW STEEL share price with gains of almost 4.2% scaled 52 week highs on Friday and was amongst largest Nifty 50 gainers. JSW Steel USA Ohio Inc, wholly owned indirect subsidiary of JSW steel announced its proposal for raising long-term funds of around 30 years tenor for an aggregate principal amount of $145 million.

The proceeds of the loan are proposed to be utilised for the purpose of  financing, in whole or in part, the cost of the acquisition, construction, equipping, and installation of a vacuum tank degasser and improvements to a continuous slab casting machine including dynamic soft reduction technology and other initiatives to be implemented by JSW Ohio such as Caster upgrades, Auxiliary Systems, infrastructure improvements and certain ancillary equipment in order to provide for improvements in slab quality and slab production capabilities, including the ability to produce thicker slabs at its site located in Mingo Junction, Ohio. The proceeds will also be used for funding capitalized interest and (paying certain costs of issuing the Bonds.