Question
Which bank has acquired a minority stake in JSW Cement Limited at an investment of ₹100 crore?
Solution
The State Bank of India (SBI), India’s largest public sector bank, has acquired a minority stake in JSW Cement Ltd by investing Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity of the company will be linked to JSW Cement’s future business performance and valuation determined at the time of the proposed initial public offering (IPO) in the next year.
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