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

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?