The issue comprises fresh equity sale of ₹2,000 crore and offer for sale (OFS) of ₹2,000 crore.
The funds are to be used to set up a cement unit in Nagaur district of Rajasthan, repay certain borrowings and for other general purposes.
The company said that it will invest ₹3,000 crore for the greenfield Rajasthan unit, and said it plans to expand into the North and Central India markets, as its current presence is mainly in Southeast and West India.
The group’s energy, ports and steel businesses are already listed. JSW Infrastructure is the latest before JSW Cement.
JSW Cement MD and JSW Group scion Parth Jindal had revealed the listing plan in August 2023 and said the proceeds are to be used to achieve the group’s 60 million tonne per annum (MTPA) plan. At present, it produces 20.60 MTPA.
JSW Cement had tied up with private equity (PE) investors such as Apollo Global Management and Synergy Metals Investments Holding in July 2021 to raise ₹1,500 crore.
JSW Cement to increase ₹4,000 via IPO, file draft docs with SEBI, set up Rajasthan Cement unit
