JSW Cement Files IPO Papers to Raise Rs 4,000 cr - Sebi
By Rediff Money Desk, New Delhi Aug 16, 2024 21:27
JSW Cement has filed draft papers with Sebi for an IPO to raise Rs 4,000 crore. The IPO includes a fresh issue of shares and an offer for sale by investors. The proceeds will be used to finance a new cement unit in Rajasthan and pay debt.
New Delhi, Aug 16 (PTI) JSW Cement on Friday filed preliminary papers with capital markets regulator Sebi to raise Rs 4,000 crore through an initial public offer (IPO).
The initial share sale comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer for sale (OFS) of Rs 2,000 crore by investor shareholders, according to the draft red herring prospectus (DRHP).
As a part of the OFS, AP Asia Opportunistic Holdings Pte Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 937.5 crore each and State Bank of India (SBI) will divest shares valued at Rs 125 crore.
Proceeds from the fresh issue to the tune of Rs 800 crore will be used for partially financing the establishment of a new integrated cement unit in Nagaur, Rajasthan, Rs 720 crore will be allocated for payment of debt and the remaining funds will be allocated for general corporate purposes.
JSW Cement is part of the diversified JSW Group, which has business interests in various sectors like steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports and venture capital.
JSW Cement, which has a manufacturing capacity of 19 MT annually, aims to achieve a capacity of 60 MTPA.
It currently has manufacturing units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra.
Besides, JSW Cement, through its subsidiary Shiva Cement, operates a clinker unit in Odisha.
JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.
The initial share sale comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer for sale (OFS) of Rs 2,000 crore by investor shareholders, according to the draft red herring prospectus (DRHP).
As a part of the OFS, AP Asia Opportunistic Holdings Pte Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 937.5 crore each and State Bank of India (SBI) will divest shares valued at Rs 125 crore.
Proceeds from the fresh issue to the tune of Rs 800 crore will be used for partially financing the establishment of a new integrated cement unit in Nagaur, Rajasthan, Rs 720 crore will be allocated for payment of debt and the remaining funds will be allocated for general corporate purposes.
JSW Cement is part of the diversified JSW Group, which has business interests in various sectors like steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports and venture capital.
JSW Cement, which has a manufacturing capacity of 19 MT annually, aims to achieve a capacity of 60 MTPA.
It currently has manufacturing units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra.
Besides, JSW Cement, through its subsidiary Shiva Cement, operates a clinker unit in Odisha.
JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.
Source: PTI
Read More On:
ipodebtrajasthansebicementinitial public offeringstate bank of india (sbi)rs 4,000 crorejsw cementkotak mahindra capital company ltdsbi capital markets ltdgoldman sachs (india) securities private ltdjm financial ltdnew cement unitap asia opportunistic holdings pte ltdsynergy metals investments holding ltdaxis capital ltdcitigroup global markets india private ltddam capital advisors ltdjefferies india private ltd
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