Notice of Postal Ballot dated 22nd April, 2025.
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Awaiting price reaction for this filing.
Shiva Cement Ltd, a subsidiary of JSW Cement Ltd (which holds 66.17% stake), has sent a Postal Ballot notice dated April 22, 2025 seeking shareholder approval for two material related party transactions with its parent, JSW Cement Ltd. Resolution 1 is for purchase, sale of goods and rendering of services worth Rs. 457 crore for FY 2025-26, which includes sale of clinker (Rs. 300 cr), sale of cement (Rs. 120 cr), and purchase of raw materials and other items. Resolution 2 is for an inter-corporate loan of up to Rs. 1,000 crore from JSW Cement for 36 months (till March 31, 2028), covering an existing outstanding of about Rs. 650 crore and an additional limit of Rs. 350 crore. The e-voting window runs from April 24, 2025 to May 23, 2025 via NSDL, and JSW Cement and related parties will abstain from voting on these resolutions.
These are largely operational inter-company arrangements between Shiva Cement and its parent. Shareholders (excluding related parties) should evaluate the transactions as they represent significant business dependence on the holding company for both trade and funding, but they are stated to be at arm's length and in the ordinary course of business.