CSN requests IPO for cement division 20 May 2021
After the recent IPO of its mining arm, Brazilian steelmaker CSN is now looking to list shares of its cement division. The company requested authorisation from securities regulator CVM for the IPO of CSN Cimentos, although it did not provide further details.
Cement sales in Brazil increased 20.8 per cent in the first four months of the year to 20.5Mt, according to preliminary figures from industry association SNIC. The consumption of cement by infrastructure projects is medium and long term. The impact of these concessions on cement consumption will be felt from 2022 onwards, SNIC said in a release.
Penna Cement refiles for IPO 17 May 2021
India’s Penna Cement Industries has refiled for its initial public offering to raise INR13bn (US$177.5m) through fresh equity shares while its promoters would raise INR2.5bn through an offer for sale.
The company expects to use the capital to repay INR5.5bn of borrowings. It would also fund capital expenditure of INR1.05bn for its KP Line II project, while INR800m would go towards upgrading its raw grinding and cement mill in Talaricheruvu, and INR1.1bn and INR1.30bn towards setting up waste heat recovery plants in Talaricheruvu and Tandur, respectively, according to a statement.
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