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In response to an email query from Moneycontrol, JSW Cement, Citi and Advent International declined to comment. Moneycontrol is awaiting an email response from Apollo Global Management and could not immediately elicit a response from Synergy Capital. This article will be updated as soon as we hear from both the firms. On September 2, 2020, Moneycontrol was the first to report that JSW Cement was on the prowl to raise funds. ( 22 days ago )
JSW Cement is planning an IPO in the next two years and this fund raise will help it to expand its existing capacity by 60 percent to 70 per cent, including on the clinker front. The deal will help it accelerate growth and the business is doing well and sectoral prospects are good, a fourth person told Moneycontrol. Clinker is a nodular material which is used as the binder in cement products. All the four persons spoke to Moneycontrol on condition of anonymity. ( 22 days ago )
The plan is to raise around $200 million via the proposed minority stake sale . The deal could be a combination of debt and equity and the exact contours haven t been frozen as yet, added a second person. Depending on the final structure, the combined valuation of JSW Cement could be around $1.5 billion or higher. There are not too many domestic cement assets of this scale where there can be a transaction. Investment bank Citi has been mandated to scout for buyers, added a third person. ( 22 days ago )
Private equity funds Apollo Global Management, Advent International and Synergy Capital are part of a three-way race to pick up a minority stake in Parth Jindal-led JSW Cement, the IPO-bound cement subsidiary of the $12-billion diversified conglomerate, people with knowledge of the matter told Moneycontrol. Apollo Global, Advent International and Synergy Capital are the three suitors who have moved on to the next round. JSW cement plans to sell a minority stake (in the mid-teens) and raise capital for capex, said one of the persons cited above. ( 22 days ago )