Private Equity Fund Investments
Distressed manufacturing firm Jayaswal Neco to raise Rs.667-Cr from ARES SSG unit
Jayaswal Neco Industries Limited, a publicly listed, Nagpur-based manufacturing company undergoing restructuring, is to allot equity 30,94,52,497 equity shares to ACRE Trusts (a unit of distressed debt focused PE investment firm ARES SSG). The pricing of the shares (Face Value: INR 10) will be between INR 21.56 and INR 30.8 per share. At the lower end of the pricing range, the ACRE Trusts will be investing INR 667 crore into the company. The promoters of the company will pick up 3.62 lakh shares. ACRE Trusts will hold an about 31.43% stake post the issue, to approve which the target company has called for a EGM on September 23. The target company is in the business of supplying metal products in the Water Supply, Drainage and Municipal Casting Products segments.
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