Apollo Global, Synergy Fund may invest Rs 1,500 crore in JSW Cement
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The company will issue compulsorily convertible preference shares (CCPS) to the investors, who will put in ₹750 crore each at a post-money valuation of around ₹8,500-₹8,750 crore.
Agencies
Apollo Global Management is doubling down on Sajjan Jindal led JSW Group, joining Synergy Metals Investments for a Rs 1500 crore capital raise in the conglomerate’s cement business run by his son Parth, to fund its growth plans to become a 25 million tonnes scaled operations, said people in the know.
The capital raise coincides with an uptick in demand from real estate and construction after lockdown resulting in most cement stocks outperform the Nifty over the past month and past year.
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