Emami Ce­ment files for IPO

The Hindu Business Line - - MARKET WATCH -

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.

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