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India: Nirma Group’s cement arm Nuvoco Vistas Corp seeks to raise $666.6m via IPO
Construction workers working with cement. Photo: Pixabay
May 6, 2021
Nirma Group’s cement company, Nuvoco Vistas Corp. Ltd, on Thursday filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise Rs5,000 crore through an initial public offering (IPO).
The IPO will comprise a fresh issue of Rs1,500 crore and an offer for sale of Rs3,500 crore by its promoter entity Niyogi Enterprise Pvt. Ltd. Niyogi Enterprises holds 86.56% stake in the company.
The proceeds from the fresh issue of shares will be used for repayment in full or part of certain borrowings availed by the company.