Jindal Steel & Power Ltd. raised 12 billion Indian rupees in a qualified institutional placement.

The company sold 51,502,145 equity shares at 233 rupees apiece to qualified institutional buyers.

The oversubscribed placement was launched March 20.

Jindal Steel will use the funds raised for future capital expenditures and working capital requirements, to pay its operational and capital expenditure creditors as well as certain long-term loans.

As of March 23, US$1 was equivalent to 64.96 Indian rupees.