The country’s largest lender State Bank of India (SBI) has acquired a minority stake in Jsw Cement Ltd with an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS).

CCPS are instruments that compulsorily convert into equity shares of the issuing company on mutually pre-decided conditions at the time of issuance.

The conversion of such CCPS into common equity of the company will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering, accord to the release.

“We take great pride in being the recipient of one of SBI’s larger investments through the private equity route. I take this opportunity to welcome SBI as a strategic investor at JSW Cement and look forward to a long and fruitful association with them,” JSW Cement’s Managing Director Parth Jindal said in the release.

The SBI transaction with JSW Cement comes close on the heels of the Rs 1,500 crore investments made by two global private equity investors, Apollo Global Management Inc (through its investment entity in Singapore) and Synergy Metals Investments Holding Ltd earlier this year, it said. JSW Cement is part of the diversified USD 13 billion JSW Group. It has a current capacity of 14 MTPA across its manufacturing units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra.