JSW Steel to raise up to ₹14,000 crore via NCDs; board approves amalgamation of BMM Ispat

JSW Steel on Thursday, May 18, said its board has approved raising up to ₹14,000 crore through the issuance of non-convertible debentures (NCDs) and equity shares.

The board has also approved the scheme of amalgamation of BMM Ispat with JSW Steel at an enterprise value of ₹6,400 crore, the company said in a regulatory filing.

It said funds will be raised through the issuance of NCD with warrants, which are convertible into or exchangeable with equity shares of the company of face value of ₹1 each (the equity shares) at a later date, for an amount not exceeding ₹7,000 crore, inclusive of such premium as may be decided by the board.

Also, the company plans to issue equity shares and/or convertible securities (other than warrants) for an amount not exceeding ₹7,000 crore, inclusive of such premium as may be decided by the board.

JSW Steel to amalgamate BMM Ispat

In a separate statement, JSW Steel said the board has considered and approved the "Scheme of Amalgamation pursuant to section 230-232 and other applicable provisions of the Companies Act, 2013, of BMM Ispat Ltd, a related party, with the company at an enterprise value of ₹6,400 crore".

BMM Ispat Ltd (BMMIL) operates an integrated steel manufacturing facility of 1 MTPA capacity. BMMIL is located within 50 km of JSW Steel's Vijayanagar plant in Karnataka. Besides, BMMIL has a surplus expansion-ready land, which provides an opportunity to nearly double capacity in a significantly faster manner at a low specific investment cost.

The proposed amalgamation is also expected to strengthen the long products portfolio, thereby enhancing JSW Steel's overall product mix and market positioning.

The proposals related to fundraising and amalgamation are subject to regulatory and other approvals, the company said.

JSW Steel Q4 snapshot

JSW Steel posted a multifold jump in its consolidated net profit (attributable to the owners of the company) at ₹16,370 crore in the March quarter of the 2025-26 financial year (Q4 FY26), compared to ₹1,503 crore in the year-ago period.

Its revenue from operations surged 14.19% YoY to ₹51,180 crore during the quarter under review, compared to ₹44,819 crore in the January-March quarter of the 2024-25 fiscal year (Q4 FY25).

Its board of directors also recommended a final dividend of ₹7.10 (710%) per fully paid-up equity share of ₹1 each for the year ended 31st March 2026.

Furthermore, it fixed Tuesday, July 7, 2026, as the record date for the same.

JSW Steel stock performance

Shares of JSW Steel 1.73% higher at ₹1,296.90 per unit on the National Stock Exchange (NSE) on Thursday, ahead of the announcements.

The scrip has gained 1% in the past week and 8% over the month. On a year-to-date basis, it has rallied 11%.

While the stock hit a 52-week high of ₹1,306.80 per equity share on April 28, 2026, it touched a year’s low of ₹962.15 apiece on June 4, 2025.

JSW Steel has a total market capitalisation of ₹3.17 lakh crore as of May 14, 2026, according to data on the NSE.