New Delhi, Mar 26: Jindal Saw on Friday said it raised Rs 500 crore through allotment of non-convertible debentures on a private placement basis to LIC of India.
The OP Jindal group company manufactures submerged arc welded (SAW) pipes and other pipes for the energy transportation sector.
“The board of director in their meeting held today (Friday) allotted 5,000 secured, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs) of face value of Rs 10,00,000 each aggregating to Rs 500 crores to LIC of India on private placement basis,” the company said in a regulatory filing to the BSE.
Apart from manufacturing SAW pipes, the company builds carbon, alloy and seamless pipes and tubes for industrial applications besides ductile Iron pipes and fittings for water and wastewater transportation.
The company claims it pipes to be energy-efficient that reduce dependence on fossil fuels, and help conserve natural resources. (PTI)
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