Nuvoco Vistas Corporation Ltd, a part of the Nirma Group, on Thursday filed preliminary papers with markets regulator Sebi to raise Rs 5,000 crore through an initial public offering (IPO).
The IPO comprises a 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.
The proceeds of the fresh issue will be utilised for repayment of certain loans availed by the company as well as for general corporate purpose.
Between FY 2018-2020, the companies EBITA and PAT for the year grew at CAGR of 9 per cent and 68.7 per cent respectively.
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.
It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.
Nuvoco Vistas, formerly Lafarge India Ltd, in February 2020 announced that it will acquire the 8.3 MMTPA capacity cement business of Emami for an enterprise value Rs 5,500 crore. The deal was approved by the Competition Commission of India (CCI) in May 2020.
Founded by Karsanbhai Patel, Nirma Ltd is one of India's diversified conglomerates with businesses across industrial and consumer products ranging from soaps and detergents, salt, soda ash, caustic soda and other chemicals. The company was delisted from the stock exchanges -- BSE and NSE -- in 2011.