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Penna Cement files draft papers with Sebi for Rs 1,550 crore IPO - TechiLive.in

Penna Cement files draft papers with Sebi for Rs 1,550 crore IPO

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MUMBAI: One of southern India’s major cement producers Penna Cement has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer worth Rs 1,550 crore.

The company will issue fresh equity shares worth Rs 1,300 crore, while its promoters will raise Rs 250 crore through an offer for sale.

Penna Cements expects to use the fresh capital raised for repayment of Rs 550 crore of certain borrowings besides funding capital expenditure requirements of Rs 105 crore for its KP Line II Project, Rs 80 crore towards upgrading its raw grinding and cement mill in Talaricheruvu, Rs 110 crore and Rs 130 crore towards setting up a waste heat recovery plant in Talaricheruvu and Tandur, respectively, the company said.

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Established in 1991, Penna Cement offers major variants of cement, including ordinary Portland cement, Portland pozzolana cement and Portland slag cement and is one of the largest privately-held cement companies in India, the company said.

In 2020-21, the company’s revenue from operations stood at Rs 2,476.4 crore, while its operating profit was at Rs 479.8 crore. The company made a net profit of Rs 152.1 crore in the financial year.

Investment bankers appointed for the IPO are

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, Axis Capital, , and YES Securities.

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