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Nuvoco Vistas files initial papers with SEBI for ₹5,000-crore public issue
May 06, 2021
Nirma group co plans to raise ₹1,500 crore as fresh capital
Nuvoco Vistas Corporation, the cement company of Ahmedabad-based Nirma Group, has filed a Draft Red Herring Prospectus (DRHP) with the markets regulator to raise about ₹5,000 crore through an initial public offering (IPO). This marks the return of the group, helmed by billionaire Karsanbhai Patel, to the capital markets.
To pare debt
The IPO would comprise a fresh issue of up to ₹1,500 crore and an offer for sale (OFS) of up to ₹3,500 crore. The company will use the proceeds to repay borrowings of about ₹1,350 crore and for general corporate purposes, Nuvoco Vistas said in the DRHP. The promoters are Niyogi Enterprise and Karsanbhai K. Patel, it said.