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MUMBAI: Nirma Group-backed Nuvoco Vistas Corp today filed draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for a Rs 5,000-crore initial public offering.
As per the draft papers, Nuvoco Vistas will issue fresh shares worth Rs 1,500 crore through public offer and its promoter Niyogi Enterprises Ltd will sell shares worth Rs 3,500 crore in an offer for sale.
The cement maker plans to use the majority of the proceeds from the fresh issue of equity shares to pare down its debt and for general purposes. As on March 31, the company had total borrowings of Rs 7,642 crore.