JSW Cement announced that the State Bank of India (SBI) had bought a minority stake by investing Rs 100 Crore through compulsorily convertible preference shares (CCPS). The transformation of these CCPS into common equity will be done at the proposed initial public offering (IPO), JSW said in a statement.

“Financing our growth and development strategy with investment from SBI sets us up very well for our planned IPO in the next 12-18 months. We look ahead to a long-term relationship with SBI as we are working towards building a New India by offering environment-friendly cement products,” the statement quoted Narinder Singh Kahlon, who is Director Finance at JSW Cement.