JSW Cement has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 4,000 crore through an initial public offering (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.
The company will utilise proceeds worth Rs 800 crore on part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan and Rs 720 crore on prepayment or repayment of outstanding borrowings availed by it. The rest would be used for general corporate purposes. JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital Company and SBI Capital Markets are responsible for managing the company's IPO process.
The company is part of the JSW Group, a multinational conglomerate with a portfolio of diversified businesses across various sectors such as steel, energy, maritime, infrastructure, defence, business-to-business e-commerce, realty, paints, sports and venture capital.
