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Jindal Saw raises Rs 500 crore through NCD allotment to LIC

NEW DELHI: Jindal Noticed on Friday stated it raised Rs 500 crore by way of allotment of non-convertible debentures on a personal placement foundation to LIC of India.

The OP Jindal group firm manufactures submerged arc welded (SAW) pipes and different pipes for the power transportation sector.

“The board of director of their assembly held at this time (Friday) allotted 5,000 secured, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs) of face worth of Rs 10,00,000 every aggregating to Rs 500 crores to LIC of India on personal placement foundation,” the corporate stated in a regulatory submitting to the BSE.

Other than manufacturing SAW pipes, the corporate builds carbon, alloy and seamless pipes and tubes for industrial purposes apart from ductile Iron pipes and fittings for water and wastewater transportation.

The corporate claims its pipes to be energy-efficient that cut back dependence on fossil fuels, and assist preserve pure assets.

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