Nuvoco Vistas files IPO papers

Proceeds of the fresh issue will be utilised for repayment of certain loans availed by the company as well as for general corporate purpose.

New Delhi: Nuvoco Vistas Corporation, part of the Nirma Group, on Thursday filed preliminary papers with markets regulator Sebi to raise Rs 5,000 crore through an initial share-sale.

The initial public offering (IPO) comprises fresh issue of shares worth Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise, according to the draft red herring prospectus.

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Proceeds of the fresh issue will be utilised for repayment of certain loans availed by the company as well as for general corporate purpose.

Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonne per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units and one blending unit.