JSW Cement to raise up to Rs 1,500 crore from two global equity investors

Deal structured as a PE deal with compulsorily convertible preference shares issued to the investors; conversion into equity will be based on performance and valuation at the time of IPO

Sajjan Jindal-led JSW Cement has entered into definitive agreements to raise up to Rs 1,500 crore from two global private equity investors, Apollo Global Management Inc (through its managed funds) and Synergy Metals Investments Holding Ltd.

The transaction is a structured private equity deal wherein compulsorily convertible preference shares (CCPS) are being issued to the investors and the conversion of such CCPS into common equity of the company will be linked to the company’s future performance and valuation determined at the time of the initial public offering.

"We will utilise these funds to grow both organically and inorganically. We plan