Emami Cement files for IPO
Emami Cement has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an IPO worth ₹1,000 crore.
The IPO will comprise a fresh issue of shares of up to ₹500 crore and an offer-for-sale by existing shareholders for up to ₹500 crore, according to the DRHP.
The company proposes to utilise the net proceeds raised through the issue for repayment and/or prepayment of debt, which is close to ₹400 crore, and for general corporate purposes.
Emami Cement currently operates three manufacturing plants and is in the process of setting up another plant, subject to necessary approvals.
This would result in an aggregate installed capacity of 9.3 million tonnes per annum (mtpa) of cement and 3.2 mtpa of clinker by April 2019.