"We plan to raise around USD 600 million through ECB route in order to align our rupee and dollar denominated debt at around 50:50 ratio. Part of this total amount is likely to be raised in the current quarter," JSW Steel Joint Managing Director and Group Chief Financial Officer Seshagiri Rao told reporters here.
It will also reduce the interest outgo of the firm through reduction in average interest cost, he added. As per the private steel firm, the average interest cost of the company stands at around 8.25 percent and post-fund raising, it will be reduced by around one percentage point.
By the end of September quarter, JSW Steel has a net debt of Rs 30,435 crore with a debt to equity ratio of 1.44. While 39 per cent of the debt book comprises foreign debt, the rest is in rupee terms.
Rao said the company intends the rupee debt to foreign currency debt at 50:50 ratio going ahead. Meanwhile, JSW Steel said most of its loans are long-term in nature and it doesn't have any repayment liability out of expiry of any short-term loan.
Referring to bidding for Stemcor assets, Rao said the company will submit its bid by November 18. JSW Steel, along with Tata Steel, Essar Steel, JSPL, Bhushan Steel and Aditya Birla Group firm Essel Mining, is in the fray to acquire assets of Stemcor, which is looking to hive off its Indian assets.
Talking about raw material pricing, Rao said, while iron ore rates are showing a downward bias, coking coal prices are likely to stabilise at the present level.
On October 29, 2013, JSW Steel closed at Rs 861.00, up Rs 1.60, or 0.19 percent. The 52-week high of the share was Rs 893.75 and the 52-week low was Rs 451.50.
The company's trailing 12-month (TTM) EPS was at Rs 54.25 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 15.87. The latest book value of the company is Rs 811.51 per share. At current value, the price-to-book value of the company was 1.06.
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