Hyderabad : Penna Cement Industries Limited here has got SEBI go ahead for its Rs 1,550 crore IPO, according to the update on market regulator SEBI’s Website 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.
Edelweiss Financial Services Limited, IIFL Holdings Limited, JM Financial Limited and YES Securities (India) Limited are the Book Running Lead Managers to the issue.
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.
Penna Cement is one of the largest privately held cement companies in India in terms of cement production capacity. Penna is also among the leading cement players in south India, with a strong brand recall and extensive distribution network.
Penna Cement has four integrated manufacturing facilities and two grinding units spread across the states of Andhra Pradesh, Telangana and Maharashtra, with an aggregate cement production capacity of 10.00 million tonne per annum (“MMTPA”) as of June 30, 2018 Incorporated in 1991, with over two decades of operations, company has been able to leverage its brand, strategically located integrated manufacturing facilities and extensive distribution network to successfully expand business in west and east India markets, and company intend to further expand into north, central and other east India markets through a phased expansion plan. (NSS)
