Penna Cement gets SEBI nod for Rs 1,550 cr IPO

Penna Cement gets SEBI nod for Rs 1,550 cr IPO

Agency News

Hyderabad, June 5: Hyderabad based Cement manufacturer Penna Cement Industries Limited, has got stock markets regulator SEBI's nod for its Rs 1,550 crore Initial Public Offering( IPO).

Initial Public Offering of Penna Cement consists of a Fresh Issue of up to Rs 1,300 crore and an Offer for Sale of up to Rs. 250 crore by company’s promoter PR Cement Holdings Limited, the company said in a release here Wednesday.

Edelweiss Financial Services Limited, IIFL Holdings Limited, JM Financial Limited and YES Securities (India) Limited are the Book Running Lead Managers to the issue.

The Company plans to utilize the proceeds from the IPO for Repayment and/ or pre-payment, in full or in part, of certain borrowings availed by our Company and General corporate purposes, the release said.

Currently, Penna Cement has four integrated manufacturing facilities and two grinding units spread across Andhra Pradesh, Telangana and Maharashtra with an aggregate cement production capacity of 10.00 million tonne per annum.

The company intends to further expand into north, central and other east India markets through a phased expansion plan. (UNI)