• Source:PTI
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CSW Cement IPO:  Capital markets regulator Sebi has put on hold the proposed Rs 4,000-crore initial public offering (IPO) of JSW Cement. Without giving any reasons, Sebi stated that "the issuance of observations (has been) kept in abeyance," according to an update on its website on Monday.

JSW Cement, part of the diversified JSW Group, submitted the preliminary IPO documents to Sebi on August 16. The proposed issue involves a new issue of equity shares worth Rs 2,000 crore and an offer-for-sale (OFS) of Rs 2,000 crore by investor shareholders, according to the draft red herring prospectus (DRHP) filed with the regulator.

Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd will sell shares worth Rs 937.5 crore each and State Bank of India (SBI) will sell shares valued at Rs 125 crore.

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The proceeds from the new issue of Rs 800 crore will be used to partially finance the establishment of a new integrated cement unit in Nagaur, Rajasthan, while Rs 720 crore will be allocated for debt repayment and the remaining funds will be allocated for general corporate purposes.

JSW Cement, which has an annual manufacturing capacity of 19 MT, aims to achieve a capacity of 60 MTPA. It currently has manufacturing units in Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha, and Dolvi in Maharashtra.

In addition, JSW Cement operates a clinker plant in Odisha through its subsidiary Shiva Cement. JSW Group has business interests in sectors such as steel, energy, maritime infrastructure, defense, B2B e-commerce, real estate, paints, sports, and venture capital.

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 are responsible for managing the company's IPO process.

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(With PTI's Input)