JSW Steel Limited has scheduled its 32nd Annual General Meeting for July 24, 2026, to seek shareholder approval for raising up to ₹14,000 crore through Qualified Institutions Placements (QIPs). The meeting, to be held via video conference, will also consider the ratification of remuneration for cost auditors, the re-appointment of two independent directors, and approvals for material related party transactions aggregating ₹24,380 crore over three financial years.

The Board has proposed an enabling resolution to raise funds by issuing Non-Convertible Debentures with warrants and/or equity shares and convertible securities to Qualified Institutional Buyers. The company aims to utilise the proceeds for long-term funding of planned capital expenditure, refinancing of expensive debt, or general corporate purposes. The total capex planned by the company and its subsidiaries over the next 4-5 years is ₹1,26,161 crore.

Shareholders will vote on the re-appointment of Ms. Fiona Jane Mary Paulus and Mr. Devopam Bajpai as Independent Directors for terms of five years each. Additionally, the meeting seeks ratification for the remuneration payable to M/s. Shome & Banerjee, Cost Auditors, for the financial year ending March 31, 2027, fixed at ₹25,00,000 plus taxes and out-of-pocket expenses.

The company has placed resolutions for approval of material related party transactions with JSW JFE Steel Limited (JJSL), a joint venture. Transactions between the company and JJSL are estimated at ₹8,141 crore, ₹7,830 crore, and ₹8,409 crore for FY 2026-27, FY 2027-28, and FY 2028-29, respectively, aggregating to ₹24,380 crore. These transactions involve the sale of iron ore, purchase of billets, and supply of coal and coke products.

Further, the meeting will approve related party transactions between JSW Steel Global Trade Pte. Limited, a wholly-owned subsidiary, and JJSL for the procurement of raw materials. The cumulative value of these transactions is estimated at USD 756 million, USD 917 million, and USD 949 million for the respective financial years, aggregating to USD 2,622 million.

The Board has fixed July 7, 2026, as the record date for determining shareholder eligibility for the dividend payment and participation in the AGM. The register of members will remain closed from July 8, 2026, to July 10, 2026. Remote e-voting will commence on July 21, 2026, and conclude on July 23, 2026.

Key Resolutions at the 32nd AGM

JSW Steel has appointed Mr. Dev Bajpai as an Additional Director in the category of Non-Executive Independent Director effective July 2, 2026. The appointment, based on the recommendation of the Nomination and Remuneration Committee, aims to strengthen the company's governance framework with leadership experienced in corporate affairs and policy. The Board has recommended his appointment for a term of five years from July 2, 2026 to July 1, 2031, subject to the approval of shareholders, and he will not be liable to retire by rotation.

Appointment Details

The Board of Directors approved the appointment at 09:15 pm IST on July 1, 2026. The company affirmed that Mr. Bajpai is not debarred from being appointed as a director by any order passed by the Securities and Exchange Board of India (SEBI) or any other authority. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Profile

Mr. Dev Bajpai (60 years) brings over three decades of experience in the corporate sector, with extensive expertise in the automobile and auto components, FMCG, hospitality, and private equity industries. His last assignment was with Hindustan Unilever Limited (HUL), where he served as a member of the Management Committee since May 2010 and later as Whole Time Director and Executive Director, Legal & Corporate Affairs from January 2017 until his early retirement on December 31, 2024.

Key Professional Background

Mr. Bajpai is not related to any director of JSW Steel Limited. He currently serves as an Advisor to HUL and has been instrumental in advocating for policy changes in industrial, consumer, tax, and corporate regulations.