Nuvoco Vistas files Rs 5,000-cr IPO papers
Nuvoco Vistas Corporation Ltd, part of the Nirma Group, on Thursday filed preliminary papers with markets regulator Sebi to raise Rs 5,000 crore through an initial share-sale.The initial public offering IPO comprises fresh issue of shares worth Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise, according to the draft red herring prospectus.Proceeds of the fresh issue will be utilised for repayment of certain loans availed by the company as well as for general corporate purpose.Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonne per annum MMTPA.
- Country:
- India
Nuvoco Vistas Corporation Ltd, part of the Nirma Group, on Thursday filed preliminary papers with markets regulator Sebi to raise Rs 5,000 crore through an initial share-sale.
The initial public offering (IPO) comprises fresh issue of shares worth Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise, according to the draft red herring prospectus.
Proceeds of the fresh issue will be utilised for repayment of certain loans availed by the company as well as for general corporate purpose.
Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonne per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units and one blending unit.
It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.
Nuvoco Vistas, formerly Lafarge India Ltd, in February 2020 announced that it will acquire the 8.3 MMTPA capacity cement business of Emami for an enterprise value Rs 5,500 crore. The deal was approved by the Competition Commission of India (CCI) in May 2020.
ICICI Securities, Axis Capital, JSBC Securities and Capital Markets (India) Pvt Ltd, J.P. Morgan India and SBI Capital Markets have been appointed as merchant bankers to advise on the IPO.
The equity shares of the company will be listed on the BSE and National Stock Exchange (NSE).
Founded by Karsanbhai Patel, Nirma Ltd is one of India's diversified conglomerates with businesses across industrial and consumer products ranging from soaps and detergents, salt, soda ash, caustic soda and other chemicals.
The company was delisted from the stock exchanges -- BSE and NSE -- in 2011.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
US Defense Secretary affirms commitment to bolster US-India partnership in Indo-Pacific to support allies' efforts.
Border blurs at Zero Point in Jhakuatari on Eid, as locals from India, Bangladesh gather for Namaz
Badminton Asia Championships: PV Sindhu, HS Prannoy ousted, India's campaign ends
"Want every Indian to see that video clip": Jewish woman of Indian-origin recalls losing loved ones to Hamas terrorists on Oct 7
US defence secretary reaffirms commitment to strengthening US-India partnership in supporting allies in Indo-Pacific region