Nuvoco Vistas Corporation files preliminary papers with SEBI to raise Rs 5,000 crore through IPO
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Nuvoco Vistas Corporation, part of the Nirma Group, has filed preliminary papers with markets regulator Securities and Exchange Board of India (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.
ICICI Securities, Axis Capital, JSBC Securities and Capital Markets (India), 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).
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.
