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Building materials maker Nuvoco Vistas Corporation Limited has received market regulator Securities and Exchange Board of India’s (SEBI) approval for the company's Initial Public Offering (IPO).
The ₹5,000-crore IPO comprises a fundraise via fresh issuance of shares aggregating up to ₹1,500 crore and an Offer for Sale (OFS) aggregating up to ₹3,500 crore by the promoter selling shareholder, the company informed.
The company had filed its draft red herring prospectus (DRHP) with SEBI on May 06.
The proceeds from the IPO will be used to deleverage the company's balance sheet as it plans to pay off ₹1,350 crore of borrowings and for general corporate purposes.
The 5th largest cement player - by capacity of 22.32 million tonnes per annum - Nuvoco Vistas has diversified into building materials as it offers over 50 products across cement, ready mix concrete and modern building materials under its brand names such as Concreto, Duraguard, Double Bull, ZeroM and Instamix, a statement said.
An additional expansion of 1.5 and 1.2 MMTPA is underway at its Jojobera and Bhabua Cement Plants.
ICICI Securities Ltd, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JP Morgan India Private Limited and SBI Capital Markets Limited are appointed to the bankers to the issue.
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