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Motilal Oswal Report
The India Cements Ltd. has agreed to divest its entire shareholding in Springway Mining Pvt Ltd. for a consideration of Rs 4.77 billion to JSW Cement Ltd. (as per press release).
However, as per our discussion with the management, India Cements will also receive a total of Rs 1.27 billion towards the advance paid (Rs 1.18 billion) to Springway Mining and interest on such advances (Rs 90 million), taking the total consideration to Rs 6.04 billion.
India Cements has received Rs 3.74 billion upfront and the remaining amount will be received on or before December 31, 2022.
India Cements, in October 2018, entered into a share purchase agreement to acquire the entire shareholding of Springway Mining in a phased manner for a total consideration of Rs 1.83 billion (investment of Rs 3.1 billion, including advances and interest on advances). The acquisition was completed recently in June 2022.
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