Penna Cement Industries has finally submitted draft papers with the market regulator the Securities and Exchange Board of India (Sebi) to float an initial public offer (IPO) worth INR 1,550 crore.

The public offer comprises the fresh issue of shares up to INR 1,300 Cr. and also an offer for sale around INR 250 cr. by the company’s prominent promoter PR Cement Holding, as per the draft papers submitted with the market regulator Sebi.

The proceeds will be utilized for repayment of certain borrowings and other general corporate purposes. IIFL Holdings, Edelweiss Financial Services, Yes Securities and JM Financial will be the lead managers of this public issue.

About Penna Cement Industries:

Penna Cement Industries is a Hyderabad-headquartered firm and one of the finest cement industries in south India with a comprehensive distribution network. The capacity of cement production is around 10 million ton per year (MMTPA).

Stay tuned with this IPO!

Image Credit: Penna Cement