: Saturday, May 15, 2021, 12:26 AM IST
IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore
IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore
Penna Cement Industries Ltd on Friday filed a draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI). The company is planning to raise around Rs 1,550 crore through this route of fund raising.
The funds raised through the initial public offering (IPO) will be used to pay debts of up to Rs 550 crore. As of March 2021, the total borrowings of the company was at Rs 1,351.9 crore. The net worth of the company is Rs 1,157.1 crore and the revenue of the company was at 2, 476.3 crore. Meanwhile, profit after tax of the company was at Rs 152 crore.