Penna Cement files Rs.15.5 billion IPO papers with SEBI
Penna Cement has filed preliminary papers with capital markets regulator Sebi to raise Rs.15.5 billion through an initial share-sale. The initial public offer (IPO) comprises fresh issue of equity shares worth Rs.13 billion and an offer for sale of up to Rs.2.5 billion by promoter. Proceeds from fresh issue will be used to pay debts of Rs.5.5 billion. Besides, Rs.1.05 billion will be utilised for funding capital expenditure requirements for its KP Line II Project and Rs.800 million towards upgrading its raw grinding and cement mill in Talaricheruvu.