JSW Steel Announces Early Redemption of ₹875 Crore NCDs Through Call Option Exercise
Mumbai, November 21, 2025:
In a significant development for its bondholders and the debt market, JSW Steel Limited has announced the early redemption of its ₹875 crore rated, listed, unsecured, redeemable Non-Convertible Debentures (NCDs), issued under ISIN INE019A08033. This redemption will be carried out through the exercise of the Call Option provided under the terms of issuance.
The company communicated the decision via a regulatory filing to BSE Limited and the National Stock Exchange of India (NSE), in line with Regulation 51 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) and the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
Call Option Exercise on December 23, 2025
According to the filing, JSW Steel will redeem the NCDs in full on the Call Option Exercise Date, which is scheduled for Tuesday, December 23, 2025. The debentures, originally allotted on December 23, 2022, carry a face value of ₹10 lakh each, aggregating to a total of ₹875 crore.
The company has issued the formal Call Option Notice to the Debenture Trustee—SBICAP Trustee Company Limited—and all debenture holders, informing them of the early redemption as per the Debenture Trust Deed (DTD).
Record Date Set for December 8, 2025
JSW Steel has set Monday, December 8, 2025, as the Record Date to determine eligible debenture holders. Investors holding the NCDs as per depository records on this date will receive:
- Full principal repayment
- Accrued coupon/interest
- Any additional payable amounts, if applicable
The redemption proceeds will be credited on or before December 23, 2025, in accordance with the terms of the Trust Deed.
Strategic Debt Management by JSW Steel
By exercising its Call Option, JSW Steel is demonstrating proactive financial management. Early redemption of NCDs typically indicates improved liquidity, lower refinancing costs, or the intent to restructure debt in a more favourable interest-rate environment.
Analysts suggest that large corporates like JSW Steel often use Call Options to optimise debt maturity profiles or reduce interest burdens, especially when market conditions offer more efficient funding alternatives.
Trustee Notified; Debentures to Be Extinguished Post-Payment
In the detailed annexure (Annexure A) shared with exchanges, JSW Steel confirmed that after redemption:
- The NCDs will be fully extinguished
- No claims shall remain pending against the company
- All terms of the original DTD will be honoured
Capitalised terms in the notice refer to definitions outlined in the Debenture Trust Deed.
The notice was formally issued and signed by Swayam Saurabh, Chief Financial Officer, and Manoj Prasad Singh, Interim Company Secretary.
Available on Company Website
The complete intimation and the official Call Option Notice are also available on JSW Steel’s investor relations portal under the disclosure section.
Conclusion
JSW Steel’s early redemption of its ₹875 crore NCD issue marks an important milestone in the company’s ongoing financial optimisation efforts. With clear communication to the markets and adherence to regulatory norms, the company reinforces its commitment to strong governance and responsible debt management.