Intimation of Notice of Postal Ballot in accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015
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Shiva Cement Limited (a subsidiary of JSW Cement Limited, which holds 66.17%) has issued a Postal Ballot Notice dated August 29, 2025, seeking shareholder approval through remote e-voting (August 30 to September 28, 2025). Three resolutions are proposed: (1) A Special Resolution to shift the registered office from Odisha to Maharashtra (Mumbai) to align with the holding company's location and improve financial coordination; (2) An Ordinary Resolution to approve paying a 0.50% per annum guarantee commission to JSW Cement Limited on an existing Rs 850 crore term loan from an Axis Bank-led consortium, resulting in an estimated total outflow of Rs 56.11 crore (including GST) over the loan tenure (Dec 2023 to Sep 2033); (3) An Ordinary Resolution to similarly pay a 0.50% commission to JSW Cement on a Rs 250 crore term loan facility from DBS Bank India Limited. The commission payments are being introduced to optimize GST input tax credit claims on the corporate guarantee.
For shareholders, this is largely a procedural and structural exercise. The registered office shift has no direct financial impact but centralizes governance near the parent company. The new commission payments of Rs 56.11 crore over ~8 years represent a modest ongoing outflow (about 17.64% of FY25 consolidated turnover) to the parent, but are expected to generate GST input tax credit benefits. JSW Cement (holding 66.17%) is expected to vote in favor, making approval highly likely.