Neotrex Steel Private Limited announced that it will receive INR 845,492,510 from JSW Steel Limited on October 1, 2021. The company will issue common shares and zero coupon compulsorily convertible debentures in the transaction. The transaction has been approved by board of directors of JSW Steel Limited. On the same date, the company has issued 14,500 common shares for gross proceeds of INR 145,000 and 32,541,551 zero coupon compulsorily convertible debentures for gross proceeds of INR 325,415,510 for aggregate gross proceeds of INR 325,560,510 in its first tranche. The securities are issued at par. Post to the tranche, the investor holds 80% stake in the company. The company will receive the remaining proceeds in one or more tranches by way of common shares or compulsorily convertible debentures during the project period. The project is expected to be commissioned by April, 2023.