Penna Cement gets Sebi nod for Rs 1550 crores IPO

Hyderabad: City-based Penna Cement Industries Limited; one of the largest privately held cement companies in India has got Sebi's nod for its Rs. 1, 550crore Initial Public Offering (IPO) according to the update on market regulator website.

The IPO of Penna Cement consists of a fresh issue of up to Rs 1,300 crore and an Offer for sale of up to Rs250 crore by company's promoter PR Cement Holdings Limited.

Edelweiss Financial Services Limited, IIFL Holdings Limited, JM Financial Limited and YES Securities (India) Limited are the Book Running Lead Managers to the issue.

Company plans to utilise the proceeds from the IPO for repayment and/ or pre-payment, in full or in part, of certain borrowings availed by it and general corporate purposes.