Nuvoco Vistas Corporation fixes IPO price band at ₹560-570

Our Bureau. Ahmedabad | Updated on August 04, 2021

Issue opens for subscription on August 9, 2021

Nirma group cement player Nuvoco Vistas Corporation Ltd has fixed initial public offering price band as ₹560-570 a share. The issue, which looks to raise up to ₹5,000 crore, will open for subscription on August 9 and close on August 11.

Minimum bid Lot is 26 equity shares and in multiples of 26 equity shares thereafter.

The company will issue fresh equity shares, aggregating up to ₹1,500 crore and an offer for sale of shares aggregating up to ₹3,500 crore, by Niyogi Enterprise Private Ltd, the promoter selling shareholder.

Anchor investors participation will be on August 6, a company statement said.

The proceeds from the IPO will be used for repayment/prepayment/redemption, in full or part, of certain borrowings availed of by our company, besides general corporate purposes.

ICICI Securities Ltd, Axis Capital Ltd, HSBC Securities and Capital Markets (India) Private Ltd, JP Morgan India Private Ltd and SBI Capital Markets Ltd are the book running lead managers to the Offer, the company informed in a statement.

Nuvoco Vistas claims to be the fifth largest cement player in India and the largest cement company in East India in terms of capacity at 22.32 million tonnes per annum across 11 plants as on March 31, 2021.

Published on August 04, 2021

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