Khaitan & Co acted as legal counsel to JSW Cement on its proposed IPO aggregating to INR 40,000 million.
JSW Cement, led by Sajjan Jindal’s JSW Group, has submitted initial documents to the Securities and Exchange Board of India (SEBI) to raise ₹4,000 crore through an initial public offering (IPO). This will be the largest public offering in the cement industry since Nuvoco Vistas Corporation’s ₹5,000 crore IPO in August 2021.
The Book Running Lead Managers on this transaction were JM Financial Ltd, Axis Capital, Citigroup Global Capital Markets Inc., DAM Capital Advisors Limited, GOLDMAN SACHS (INDIA) SECURITIES PRIVATE LIMITED, Jefferies India Private Limited, KOTAK MAHINDRA CAPITAL COMPANY LIMITED SBI Capital Markets.
The core team of Khaitan & Co comprised Sudhir Bassi, Madhur Kohli, Aayush Mohata, Johann Valladares, Sarjana Das, Anshul Mordia and Abhishek Iyer.
The IPO will consist of a fresh issue of equity shares worth ₹2,000 crore and an offer-for-sale (OFS) of ₹2,000 crore by existing shareholders.
In the OFS, AP Asia Opportunistic Holdings Pte and Synergy Metals Investments Holding will each sell shares worth ₹937.5 crore, while the State Bank of India will sell shares worth ₹125 crore. The weighted average acquisition cost for these shares was ₹65.19 per share.
The promoters hold a 78% stake in the company (assuming full conversion of convertible securities as a percentage of diluted share capital), while public shareholders own 19.43%, and Employee Trusts hold the remaining 2.57%.
CCI approves Hewlett Packard Enterprise-Juniper Networks USD 14 billion deal
Share your news, articles, deals, columns, or press releases with us! Click the link to submit and join our platform today.
