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

21 Oct 2021 CW Team

Cement producer Penna Cement Industries has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 1,550 crore initial public offering (IPO).

The IPO comprises a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by promoter PR Cement Holdings, which owns a 33.41% stake in the Hyderabad-based firm that was installed in 1991 by P Prathap Reddy.

The firm aims to use a part of the raised fresh capital for the repayment of Rs 550 crore borrowings and Rs 105 crore for funding the requirement of capital expenditure for its KP Line II Project.

Penna Cement aims to utilise Rs 80 crore for enhancing its raw grinding and cement mill in Talaricheruvu and Rs 130 crore and Rs 110 crore for installing waste heat recovery facilities in Tandur and Talaricheruvu, respectively, as per the DRHP.

Penna Cement runs four integrated production plants and two grinding units across Andhra Pradesh, Telangana and Maharashtra with a total capacity of 10 mmtpa as of March 2021, which it aims to expand to 16.5 mmtpa by 2024.

In May 2019, the firm took over Sri Lankan cement player Singha Cement that runs a packing terminal in Colombo as part of its focus on a port-based distribution plan. Before that, in March 2018, it had launched one of the largest port-based cement terminals in India at Krishnapatnam with an automated ship loading facility and packing terminals at Gopalpur, Karaikal and Cochin ports. As part of its port-based distribution plan, the Rs 2,476 crore turnover Penna Cement has additionally taken over a self-discharging cement carrying vessel with a maximum cargo capacity of 25,500 tonnes.

Image Source

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

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..