JSW Group, headed by Sajjan Jindal, is planning to divest a quarter of the promoter holdings in JSW Cement through a public issue of around Rs 4,500 crore by 2020.
Chief executive Nilesh Narwekar was quoted as saying by PTI: “JSW Cement is targeting Rs 18,000 crore enterprise valuation by the time of the proposed IPO through which the promoters plan to dilute 25 percent of their holding.”
The company, which is on an aggressive expansion mode, is planning to take annual installed capacity to 20 million tonne by 2020 from the present 12.8 mt, which will reach 14 mt by March 2019.
According to Narwekar, the proceeds from share sale will be used to retire part of the debt as well as fund capacity expansion beyond 20 mt. He added that the IPO plan is hinged to the company ramping up its production capacity.
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