According to recent reports, Hyderabad-based Penna Cement has received an approval from Sebi to proceed with its Rs 15.50 billion IPO. With a fresh issue of up to Rs 13 billion, the proposed IPO consist of an offer for sale of up to Rs 2.50 billion by the company’s promoter PR Cement Holdings. That said, Edelweiss Financial Services, IIFL Holdings, JM Financial and YES Securities (India) are the book running lead managers for the issue.

In terms of utilisation of the IPO proceeds, Penna Cement has reportedly laid plans to use it towards repayment and pre-payment in full or in past of certain borrowings availed by the company. As also known, the company is also laying plans to further expand into the North, Central and East India markets in a phased manner.

Founded in 1991, Penna Cement is one of the largest privately held cement companies in India, with an installed cement capacity of 10 mtpa. The company has four integrated manufacturing facilities and two grinding units spread across Andhra Pradesh, Telangana and Maharashtra.