JSW Cement Limited , a prominent player in the Indian cement industry, has announced a significant change in its board composition following its recent Initial Public Offering (IPO) and subsequent listing on stock exchanges.

Board Restructuring Post-IPO

Utsav Baijal, who served as a Non-Executive Nominee Director on JSW Cement's Board of Directors, has tendered his resignation effective from the close of business hours on November 4, 2025. This move comes as a direct consequence of the company's transition to a publicly listed entity.

Details of the Resignation

Background of the Appointment

Baijal's appointment was originally made under a Shareholders Agreement dated July 27, 2021, involving:

• Adarsh Advisory Services Private Limited
• AP Asia Opportunistic Holdings Pte. Ltd.
• JSW Cement Limited

Transition Agreement

An Amendment and Waiver Agreement dated August 12, 2024, set the stage for this transition. This agreement involved:

• JSW Cement Limited
• Adarsh Advisory Services Private Limited
• Synergy Metals Investments Holding Limited
• AP Asia Opportunistic Holdings Pte. Ltd.
• State Bank of India

Following the company's IPO, the continued role of Baijal as a Nominee Director is no longer applicable under the terms of this agreement.

Impact on Board Committees

As a result of his resignation, Utsav Baijal will also cease to be a member of various Board Committees of JSW Cement Limited from the same date.

Regulatory Compliance

JSW Cement has made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has submitted the necessary details to the stock exchanges as required under the regulatory framework.

This board restructuring marks a significant milestone in JSW Cement's corporate journey as it adapts to its new status as a publicly traded company. The move aligns the company's governance structure with its evolving shareholder base and regulatory requirements post-IPO.

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.