Sebi places JSW Cement's Rs 40 Bn IPO on hold
Cement

Sebi places JSW Cement's Rs 40 Bn IPO on hold

The capital markets regulator Sebi has put on hold the proposed Rs 40 billion initial public offering (IPO) of JSW Cement. Sebi did not provide specific reasons for this decision but stated that the "issuance of observations has been kept in abeyance," according to an update on its website on Monday. JSW Cement, a part of the diversified JSW Group, had filed the preliminary IPO papers with Sebi on August 16.

The proposed IPO includes a fresh issue of equity shares worth Rs 20 billion and an offer-for-sale (OFS) of Rs 20 billion by investor shareholders, as outlined in the draft red herring prospectus (DRHP) submitted to the regulator. Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd are set to offload shares worth Rs 9.37 billion each, while the State Bank of India (SBI) will divest shares valued at Rs 125 crore.

The proceeds from the fresh issue will be allocated as follows: Rs 8 billion for partially financing the establishment of a new integrated cement unit in Nagaur, Rajasthan, Rs 7.2 billion for debt repayment, and the remaining funds for general corporate purposes.

JSW Cement, which currently has a manufacturing capacity of 19 MT annually, aims to increase its capacity to 60 MTPA. The company operates manufacturing units in Vijayanagar (Karnataka), Nandyal (Andhra Pradesh), Salboni (West Bengal), Jajpur (Odisha), and Dolvi (Maharashtra). Additionally, through its subsidiary Shiva Cement, it operates a clinker unit in Odisha.

JSW Group has diversified business interests in sectors such as steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports, and venture capital. The company's IPO process is being managed by 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.

The capital markets regulator Sebi has put on hold the proposed Rs 40 billion initial public offering (IPO) of JSW Cement. Sebi did not provide specific reasons for this decision but stated that the issuance of observations has been kept in abeyance, according to an update on its website on Monday. JSW Cement, a part of the diversified JSW Group, had filed the preliminary IPO papers with Sebi on August 16. The proposed IPO includes a fresh issue of equity shares worth Rs 20 billion and an offer-for-sale (OFS) of Rs 20 billion by investor shareholders, as outlined in the draft red herring prospectus (DRHP) submitted to the regulator. Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd are set to offload shares worth Rs 9.37 billion each, while the State Bank of India (SBI) will divest shares valued at Rs 125 crore. The proceeds from the fresh issue will be allocated as follows: Rs 8 billion for partially financing the establishment of a new integrated cement unit in Nagaur, Rajasthan, Rs 7.2 billion for debt repayment, and the remaining funds for general corporate purposes. JSW Cement, which currently has a manufacturing capacity of 19 MT annually, aims to increase its capacity to 60 MTPA. The company operates manufacturing units in Vijayanagar (Karnataka), Nandyal (Andhra Pradesh), Salboni (West Bengal), Jajpur (Odisha), and Dolvi (Maharashtra). Additionally, through its subsidiary Shiva Cement, it operates a clinker unit in Odisha. JSW Group has diversified business interests in sectors such as steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports, and venture capital. The company's IPO process is being managed by 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.

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?