JSW Cement Limited and its subsidiary, Shiva Cement Limited, have received credit rating upgrades from Crisil Ratings Limited, marking a significant milestone for both companies in terms of their financial standing and creditworthiness.

JSW Cement's Credit Rating Upgrade

JSW Cement Limited received credit rating upgrades from Crisil Ratings Limited across multiple financial instruments. The details are as follows:

Shiva Cement's Credit Rating Revision

Concurrently, Shiva Cement Limited, a subsidiary of JSW Cement, also received a credit rating revision from Crisil Ratings Limited. The details of the rating revision for Shiva Cement's bank loan facilities are as follows:

The total amount of bank loan facilities rated for Shiva Cement stands at ₹1,066.00 crore.

Implications and Outlook

The credit rating upgrades for both JSW Cement and Shiva Cement reflect an improvement in their financial profiles and credit quality. These revisions may potentially lead to:

1. Enhanced credibility in the financial markets
2. Improved ability to raise capital at more favorable terms
3. Increased investor confidence in the companies' financial stability

Both companies have duly informed the stock exchanges about these rating revisions, adhering to the regulatory requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investors and stakeholders can access the detailed rating rationales on Crisil's website for a comprehensive understanding of the factors contributing to these rating actions.

JSW Cement Limited, a prominent player in the Indian cement industry, has announced a significant change in its board composition. Sudhir Maheshwari, who served as a Non-Executive Nominee Director, has tendered his resignation from the company's Board of Directors.

Key Details of the Resignation

Reasons and Background

The resignation of Sudhir Maheshwari is directly linked to JSW Cement's recent Initial Public Offering (IPO) and its subsequent listing on stock exchanges. This move aligns with the terms outlined in key agreements:

1. Shareholders Agreement (SHA): Dated June 22, 2021, involving Adarsh Advisory Services Private Limited, Synergy Metals Investments Holding Limited, and JSW Cement.

2. Amendment and Waiver Agreement: Dated August 12, 2024, which included additional parties such as AP Asia Opportunistic Holdings Pte. Ltd. and State Bank of India.

According to the Amendment and Waiver Agreement, Maheshwari's role as a Nominee Director became no longer applicable following the company's IPO.

Implications

Board Committees

Maheshwari will also cease to be a member of various Board Committees from the same date.

Corporate Governance

This change reflects JSW Cement's adherence to post-IPO governance structures and agreements.

Regulatory Compliance

The company has committed to completing all necessary compliances, including filing e-forms with the Registrar of Companies and making required disclosures to stock exchanges.

Company's Response

JSW Cement has formally acknowledged Maheshwari's resignation and has initiated the process of updating its records and making necessary regulatory disclosures. The company expressed appreciation for Maheshwari's contributions during his tenure on the board.

This board-level change marks a new phase for JSW Cement as it transitions into its post-IPO era, potentially signaling shifts in its corporate governance structure aligned with its new status as a publicly-traded company.