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Which bank acquired minority stake in JSW Cement for INR 100 crore?
A)
HDFC Bank
B)
Indian Bank
C)
State Bank of India (SBI)
D)
Punjab National Bank(PNB)

Correct Answer : Option (C) - State Bank of India (SBI)


The State Bank of India (SBI) on Tuesday(21-12-2021) has acquired a minority stake in JSW Cement Limited, with an investment of Rs 100 crore in the company via Compulsorily Convertible Preference Shares (CCPS).
 
“We have increased our capacity from 6MTPA to 14MTPA and are now working towards achieving the 25MTPA milestone over the next 24 months… I welcome SBI as a strategic investor at JSW Cement and look forward to a long & fruitful association with them,” said Parth Jindal, Managing Director of JSW Cement.
 
The conversion of such CCPS into common equity of the company will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering, he added.

Published On : December 23, 2021
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