+
Penna Cement files DRHP with SEBI for Rs 1,550 cr IPO
Cement

Penna Cement files DRHP with SEBI for Rs 1,550 cr IPO

Hyderabad-based Penna Cement Industries has filed a draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise around Rs 1,550 crore through an initial public offering (IPO).

The IPO includes a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by its promoter PR Cement Holdings. As of now, PR Cement Holdings holds a 33.41% stake in the company.

In addition, the company will use Rs 130 crore and Rs 110 crore towards setting up a waste heat recovery plant in Tandur and Talaricheruvu, respectively.

Penna Cement has a strong brand recall in the southern and western states of India. It operates out of four integrated manufacturing facilities and two grinding units across Telangana, Andhra Pradesh and Maharashtra with an aggregate capacity of 10 mmtpa as of March 2021, and the capacity is expected to reach 16.5 mmtpa by FY24.

In fiscal 2021, Penna Cement reported a profit of Rs 152.07 crore and revenue from operations stood at Rs 2,476.39 crore.

Axis Capital, ICICI Securities, Edelweiss Financial Services, Yes Securities (India) and JM Financial are the merchant bankers that will advise the company on the IPO.

This is Penna Cement's second attempt to go public. Earlier in November 2018, the company had filed draft papers with SEBI to float Rs 1,550 crore initial share-sale and had received its clearance too. However, the cement player did not launch the IPO.

Image Source


Also read: Nirma Group-backed Nuvoco files DRHP for Rs 5,000 cr IPO

Also read: Cement industry witnesses reduction in production

Hyderabad-based Penna Cement Industries has filed a draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise around Rs 1,550 crore through an initial public offering (IPO). The IPO includes a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by its promoter PR Cement Holdings. As of now, PR Cement Holdings holds a 33.41% stake in the company. In addition, the company will use Rs 130 crore and Rs 110 crore towards setting up a waste heat recovery plant in Tandur and Talaricheruvu, respectively. Penna Cement has a strong brand recall in the southern and western states of India. It operates out of four integrated manufacturing facilities and two grinding units across Telangana, Andhra Pradesh and Maharashtra with an aggregate capacity of 10 mmtpa as of March 2021, and the capacity is expected to reach 16.5 mmtpa by FY24. In fiscal 2021, Penna Cement reported a profit of Rs 152.07 crore and revenue from operations stood at Rs 2,476.39 crore. Axis Capital, ICICI Securities, Edelweiss Financial Services, Yes Securities (India) and JM Financial are the merchant bankers that will advise the company on the IPO. This is Penna Cement's second attempt to go public. Earlier in November 2018, the company had filed draft papers with SEBI to float Rs 1,550 crore initial share-sale and had received its clearance too. However, the cement player did not launch the IPO. Image Source Also read: Nirma Group-backed Nuvoco files DRHP for Rs 5,000 cr IPO Also read: Cement industry witnesses reduction in production

Related Stories

Gold Stories

Next Story
Infrastructure Transport

Madhya Pradesh Plans Airport Every 150 Km, Airstrip Every 75 Km

The Madhya Pradesh government plans to establish an airport every 150 km, an airstrip every 75 km and a helipad every 45 km, according to the state aviation department. Airports being developed in Ujjain and Shivpuri are expected to take the state’s airport count to 10. The government stated that Madhya Pradesh currently has eight airports in eight cities. The locations named by the department include Indore, Bhopal, Jabalpur, Gwalior, Khajuraho, Rewa and Satna. The state also has more than 20 airstrips and 220 helipads, while permanent helipads are planned in all 230 Assembly constituencies..

Next Story
Infrastructure Transport

West Bengal Plans Four Airports for 2028 Completion Under UDAN

West Bengal will develop four new airports under an agreement signed between the Union Civil Aviation Ministry and the state government, with all facilities targeted for completion by 2028. Union Civil Aviation Minister K Rammohan Naidu said the airports would be located at Charra in Purulia, Kalaikunda in Paschim Medinipur, Balurghat in Dakshin Dinajpur and Hasimara in Alipurduar. The project is part of the Centre’s regional connectivity UDAN programme. The Union government has committed Rs. 290 bn for West Bengal’s aviation sector over the next decade, while the state government will pro..

Next Story
Infrastructure Transport

Mumbai Airport Bars Russian Airlines as Agent Seeks Ministry Intervention

Mumbai airport has stopped accepting cargo booked on Russian flag carrier Aeroflot, disrupting shipments and prompting the airline’s cargo sales agent, Delmos Aviation, to seek intervention from the Ministry of Civil Aviation. The restrictions also affect cargo booked on Volga-Dnepr Airlines, according to a letter submitted by Delmos Aviation to the ministry on September 30. Aeroflot operates daily flights between Moscow and Delhi and runs a winter seasonal service to Goa. Bonded cargo from Mumbai and other cities is transported by road to Delhi before being flown to Russia. The agent said t..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code