Penna Cement Industries has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,550 crore through an Initial Public Offering (IPO). The IPO comprises fresh issuance of shares worth up to Rs 1,300 crore, besides, an offer for sale of up to Rs 250 crore by company's promoter PR Cement Holdings.
The funds will be utilized towards repayment of certain borrowings availed by the company and for other general corporate purposes. Edelweiss Financial Services, IIFL Holdings, JM Financial and Yes Securities are book running lead managers to the issue.
The Hyderabad-headquartered firm is among the leading cement players in south India with a strong brand recall and extensive distribution network.
Company Name | CMP |
---|---|
Ultratech Cement | 9992.45 |
ACC | 2523.40 |
Shree Cement | 24157.00 |
Ambuja Cement | 627.95 |
Dalmia Bharat | 1836.00 |
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