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Nirma Group backed, Nuvoco Vistas files for 5k cr IPO
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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.
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.
Nirma Cement IPO Date 2021 Latest News Today Updates On Nirma IPO | नुवोको विस्टास कॉर्प जुटाएगी 5,000 करोड़ रुपए, 14 साल बाद पहली सीमेंट कंपनी होगी लिस्ट
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