Bhushan Steel has announced that it has decided to raise funds worth $500 million from the market. And this raising of funds may take place in this financial year itself. The basic aim of this fund raise is to finance the company’s greenfield projects.

As per the company officials the amount will be raised in one or more trenches. They have confirmed that the fund will be raised both form domestic and international markets.

It may involve one or several currencies. Bhushan Steel has informed this fact in a statement.

According to sources, the company is seeking the approval of its shareholders for this resolution.

CFO of Bhushan Steel, Mr. Nittin Johri has informed that the company is planning to lift up funds from its investors. This fund can be utilized to finance some of the new projects of the company.

Basically mining operations of the company will be funded. He has also informed that the company is yet to decide on the timing of this fund rising. But it will depend on the condition of the market.