JSW Kalinga Steel to raise ₹9,500cr via bond issue
JSW Kalinga Steel is making its first big move in the bond market, looking to raise up to ₹9,500 crore (about $1.03 billion).
The company's splitting the offer into two parts, one aimed at global investors and another for top mutual funds, with bidding starting in March 2026.
Breaking down the offer
The first part is a ₹6,000 crore zero-coupon bond with a five-year term and an 8.76% yield. It has a three-year call option and mainly targets foreign investors.
The second part is ₹3,500 crore with similar terms but a four-year call option, reportedly backed by leading mutual funds.
Both have earned AA ratings from Crisil thanks to support from JSW Steel and JFE Steel.
What is the business of JSW Kalinga Steel?
JSW Kalinga Steel owns JSW Sambalpur Steel Ltd., basically running what used to be Bhushan Power & Steel after JSW Steel acquired Bhushan Power & Steel through the insolvency process in 2021, with JSW Kalinga/JSW Sambalpur set up to own and operate the business, which got Supreme Court approval in late September 2025.