Dalmia Bharat has a significant amount of debt of close to Rs 4,000 crore. It is yet to be seen how the company decides to fund this entire acquisition
Jaiprakash Associates board meeting has concluded and the company will sell 74 percent in its SAIL joint venture to Dalmia Bharat .
The news is a bit surprising because the company was looking to sell two of its units based out of Chhattisgarh, which are Bhilai and Bokaro . But the company sold its entire 74 percent stake in Bokaro Cement to Dalmia Bharat. The valuation of the stake sale is at about Rs 69.74 per share which is close to Rs 690 crore on an equity basis for this 2.1 million tonne plant.
According to analysts, the debt figure for this particular plant, worth 2.1 million tonne, stands close to Rs 280 crore that pegs total deal value at Rs 970 crore, turning it into an EV per tonne of close to USD 75-77 per tonne.
There are capital gains of close to Rs 506 crore that the company would have got out of this deal. At USD 75-77 per tonne, it looks like a fairly good deal. However, the bigger upside is surprising, the premium that the company would have got from selling this fairly operationally profitable plant would be, if they would have sold their clinker capacity which is based out of the Bhilai plant.
Dalmia Bharat has a significant amount of debt of close to Rs 4,000 crore. It is yet to be seen how the company decides to fund this entire acquisition. It seems a bit negative as far as Dalmia Bharat is concerned but fair positive for JP Associates.
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