Evonith Steel Raises Rs 20 Bn to Refinance Debt

17 Apr 2026 CW Team

Evonith Steel has raised Rs 17.5 billion in fresh debt to refinance its existing borrowings, in a move aimed at improving its capital structure through lower borrowing costs, longer debt tenure and greater financial flexibility. The transaction was underwritten and syndicated by Standard Chartered and JP Morgan Chase Bank, N A, Mumbai Branch.

The company has also raised an additional Rs 2.5 billion through non-convertible debentures from HDFC Mutual Fund, further widening its lender base across leading financial institutions. J.P. Morgan India acted as the structuring advisor for the NCD transaction.

Evonith Steel said its CRISIL rating of ‘AA-; Stable’ was reaffirmed in March 2026, reflecting the operational and financial improvement measures implemented by the management. The company’s earlier financing announced in October 2024 has now been fully repaid.

Since acquiring the business in December 2020, the company has reported significant operational improvements, including higher production output, successful project execution and stronger profitability. It is now preparing to undertake new capital expenditure programmes to move further downstream in the value chain and expand overall capacity.

Commenting on the refinancing, Jai Saraf, Chairman, Evonith Steel, said that the revised financing profile would help the company reduce its cost of capital and support operational excellence as well as future expansion. Rajib Guha, Director, Evonith Steel, added that the financing has materially lowered costs and reflects disciplined capital allocation delivering strong returns on invested capital. Styled in line with your sample format.

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