JSW Cement Gets Green Light for Rs 4,000 Crore IPO After 4-Month Hold

JSW Cement has received SEBI's approval for its Rs 4,000 crore IPO, ending a four-month regulatory hold. The offering comprises a fresh issue of Rs 2,000 crore and an equal-sized offer-for-sale by investors. The fresh proceeds will fund a new cement unit in Nagaur, Rajasthan (Rs 800 crore) and debt repayment (Rs 720 crore). AP Asia Opportunistic Holdings and Synergy Metals will each sell shares worth Rs 937.5 crore, while SBI will divest Rs 125 crore. The company reported FY24 revenue of Rs 6,028.10 crore with a profit of Rs 62 crore. Eight leading investment banks, including JM Financial and Axis Capital, will manage the IPO.

Source: Business Today