Nirma Group’s cement manufacturing company Nuvoco Vistas raised Rs 1500 crore from anchor investors even before its IPO. The IP of Nuvoco Vistas will open on August 9. According to the information updated on the BSE site on Friday, the company has decided to allot 2.63 crore shares to anchor investors at the rate of Rs 570 crore per share. That is, they will be given these shares for Rs 1500 crore.
IPO price band Rs 560-570
Nuvoco Vistas will issue new shares worth Rs 1500 crore under its IPO. Apart from this, the promoter Niyogi Enterprise will sell shares worth Rs 3500 crore under the offer for sale. The company has kept the price band of IPO at Rs 560-570. The IPO will open for subscription on August 9 and will close on August 11. HDFC Life Insurance Company, SBI Life Insurance Company, SBI Mutual Fund, Axis Mutual Fund, Mirae Mutual Fund, Franklin Templeton MF, Premji Invest and SBI Pension Fund are its book running managers. It was delisted from the exchange about nine years ago.
Lot size of 26 shares
The lot size of 26 shares has been fixed for IPO subscription. According to the upper price of the price band, investors will have to invest at least Rs 14820. 35 percent of the IPO is reserved for qualified institutional buyers, 35 percent for retail investors and 15 percent for non-institutional investors. After the success of the IPO, it will join the league of UltraTech Cement, Shree Cement, Ambuja Cements and ACC.
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The company will repay the debt of Rs 1350 crore
The company plans to use the money raised from the IPO to repay/prepayment/redemption in whole or in part the debt of Rs 1350 crore. Apart from this, this money will be used for general corporate purposes. Nuvoco Vistas is the fifth largest cement company in the country in terms of capacity and the largest in eastern India. It has 11 cement plants consisting of five integrated units, five grinding units and one blending unit. Talking about domestic competitors, the competitors of Nuvoki Vistas are UltraTech Cement, Shree Cement, Birla Corporation, Dalmia Bharat Cement, Ambuja Cement and Wonder regional companies.
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