JSW Kalinga Steel Plans Debut Rs 9,500 Crore Short-Term Bond Issue

India's JSW Kalinga Steel (JKSL) plans to raise up to 95 billion rupees (approximately $1.03 billion) through its debut short-term corporate debt issuance. The company will issue two five-year bond tranches: 60 billion rupees in zero-coupon bonds with a call option after three years, and 35 billion rupees with put and call options after four years. Rated AA by Crisil, the bonds have expected credit support from JKSL's joint-venture partners JSW Steel and Japan's JFE Steel. The company has invited bids and engaged foreign banks as arrangers, with mutual funds participating as anchor investors. JKSL is a subsidiary of Piombino Steel Ltd, which owns JSW Sambalpur Steel Ltd, operating the steel business of Bhushan Power Steel Ltd.