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JSW Steel jumps after its arm ties-up long-term financing with two Italian banking institutions
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JSW Steel is currently trading at Rs. 676.80, up by 32.40 points or 5.03% from its previous closing of Rs. 644.40 on the BSE.
The scrip opened at Rs. 646.30 and has touched a high and low of Rs. 678.80 and Rs. 646.30 respectively. So far 350698 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 789.95 on 19-Apr-2022 and a 52 week low of Rs. 520.10 on 26-May-2022.
Last one week high and low of the scrip stood at Rs. 678.80 and Rs. 616.00 respectively. The current market cap of the company is Rs. 163633.74 crore.
The promoters holding in the company stood at 45.02%, while Institutions and Non-Institutions held 20.19% and 34.79% respectively.
JSW Steel’s subsidiary -- JSW Steel USA has tied-up long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for its Plate Mill modernisation project in Baytown, Texas. Out of the total financing, $70 million is covered under SACE guarantee and the balance $112 million is a term loan.
The financing was structured by SACE's Export Finance Division with the contribution of the SACE office in Mumbai, which has a long-standing relationship with JSW Steel. The SACE guarantee is provided with the intention of promoting Italian exports. Intesa Sanpaolo (IMI Corporate & Investment Banking Division) acted as SACE Agent and coordinator of the commercial tranche. Both, Intesa Sanpaolo and Banco BPM, have acted as Bookrunners and Mandated Lead Arrangers of the two facilities.
JSW Steel USA’s Plate mill modernisation project includes supplies from Italian engineering companies, Danieli & C. Officine Meccaniche S.p.A, Danieli Automation S.p.A, and Danieli Taranis LLC, all being subcontractors of Danieli Corporation Inc. for a cutting line, rolling mill and ACC/DQ. The project also includes supplies from Sideridraulic for a water treatment and cooling system and from Tenova for a grinding machine for the new rolling mill and related engineering services. The total value of equipment and related engineering services being provided by these suppliers is over $100 million.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
