JSW Cement files with SEBI for IPO to raise ₹4,000 crore
The Hindu
JSW Cement Ltd files DRHP for IPO to raise ₹4,000 crore, with proceeds allocated for new unit, debt repayment
JSW Cement Ltd, a part of JSW Group, has filed the Draft Red Herring Prospectus (DRHP) for its initial public offering with SEBI to raise upto ₹4,000 crore.
The IPO, with a face value of ₹10 each, is a mix of fresh issue of shares up to ₹2000 crore and an offer for sale (OFS) of up to ₹2000 crore by Investor Selling Shareholders.
The offer for sale consists of up to ₹937.50 crore by AP Asia Opportunistic Holdings Pte. Ltd., up to ₹937.50 crore by Synergy Metals Investments Holding Ltd, and up to ₹125 crore by State Bank of India.
Out of the net proceeds of the fresh issue the company plans to deploy ₹800 crore to part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan; ₹720 crore for prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by it ; and general corporate purposes.
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