Mumbai: SBI, the largest lender in the country has invested the RS 100 Crore for minority shares at JSW Cement, which is controlled by the Jindal Industrialist billionalist billionalist.
The Public Sector Bank has put the money through the compulsory conversion preference shares (CCPS).
This CCP will be converted into JSW semen equity shares at the next stage.
Conversion will be associated with business performance and company assessment in the future the company specified at the time of the initial public offering (IPO), it is expected to take place in 12 months or later, JSW Cement said the annual production capacity is currently 14 million tons.
The SBI agreement is near the heel of an investment of Rs 1,500 Crore made by the Global Apollo Private Equity Fund from the US and Dubai Synergy at JSW Cement.
The two funds invested Hospital 750 Crore each at the company.
In August, India’s anti-trust regulator CCI has approved two transactions.
“Financing our growth and expansion strategies with investments from banking partners such as SBI make us very good for our planned IPO in the next 12-18 months,” said Director JSW Semen (Finance) Narinder Singh Kahlon.
Jindal ventured to this segment in 2009 by converting industrial by-products such as slag from steel-making operations into cement.