Connect with us

Concrete

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

JSW Cement has a manufacturing capacity of 19 MT annually.

Published

on

Shares

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.

Concrete

CCU testbeds in Tamil Nadu

Published

on

By

Shares

Tamil Nadu is set to host one of India’s five national carbon capture and utilisation (CCU) testbeds, aimed at reducing CO2 emissions in the cement industry as part of the country’s 2070 net-zero goal, as per a news report. The facility will be based at UltraTech Cement’s Reddipalayam plant in Ariyalur, supported by IIT Madras and BITS Pilani. Backed by the Department of Science and Technology (DST), the project will pilot an oxygen-enriched kiln capable of capturing up to two tonnes of CO2 per day for conversion into concrete products. Additional testbeds are planned in Rajasthan, Odisha, and Andhra Pradesh, involving companies like JK Cement and Dalmia Cement. Union Minister Jitendra Singh confirmed that funding approvals are underway, with full implementation expected in 2025.

Image source:https://www.heavyequipmentguide.ca/

Continue Reading

Concrete

JSW Cement gears up for IPO

Published

on

By

Shares

JSW Cement has set the price range for its upcoming initial public offering(IPO) at US$1.58 to US$1.67 per share, aiming to raise approximately US$409 million. As reported in the news, around US$91 million from the proceeds will be directed towards partially financing a new integrated cement plant in Nagaur, Rajasthan. Additionally, the company plans to utilise US$59.2 million to repay or prepay existing debts. The remaining capital will be allocated for general corporate purposes.

Continue Reading

Concrete

Cement industry to gain from new infrastructure spending

Published

on

By

Shares

As per a news report, Karan Adani, ACC Chair, has said that he expects the cement industry to benefit from the an anticipated US$2.2tn in new public infrastructure spending between 2025 and 2030. In a statement he said that ACC has crossed the 100Mt/yr cement capacity milestone in April 2025, propelling the company to get closer to its ambitious 140Mt/yr target by the 2028 financial year. The company’s capacity corresponds to 15 per cent of an all-India installed capacity of 686Mt/yr.

Image source:https://cementplantsupplier.com/cement-manufacturing/emerging-trends-in-cement-manufacturing-technology/

Continue Reading

Trending News

SUBSCRIBE TO THE NEWSLETTER

 

Don't miss out on valuable insights and opportunities to connect with like minded professionals.

 


    This will close in 0 seconds

    This will close in 0 seconds