Friday, Mar 29 2024 | Time 16:33 Hrs(IST)
image
Business Economy


PCIL refiles for Rs 1550 cr IPO, to use funds for expansion

Hyderabad, May 15 (UNI) Hyderabad-based Penna Cement Industries Limited (PCIL) has refiled for a Rs 1550 crore Initial Public Offering (IPO) with the markets regulator Sebi to raise funds for expansion and paying off debt.
This is the company’s second attempt to go public as in 2018, PCIL had filed draft papers with Sebi to float Rs 1,550-crore initial share-sale and had received its clearance too, but the company did not launch the IPO.
The IPO will consist of a fresh issue of equity shares worth Rs 1,300 Crore and an offer for sale of up to Rs 250 Crore by the Promoter Selling Shareholders, aggregating to Rs 1,550 Crore, Penna Cement Industries Limited, an integrated cement player with a strong brand recall in southern and western states of the country, said in a release here on Saturday.
The Net Proceeds from the fresh issue will be used to Repay/Prepay Rs 550 Crore of certain borrowings availed by the company besides funding capital expenditure requirements of Rs 105 crore for its KP Line II Project, Rs 80 crore towards upgrading its raw grinding and cement mill in Talaricheruvu.
In addition, the company will also use Rs 110 crore and Rs 130 Crore towards setting up a waste heat recovery plant in Talaricheruvu and Tandur respectively.
It operates out of 4 ISO certified integrated manufacturing facilities and two grinding units across Andhra Pradesh, Telangana and Maharashtra with an aggregate capacity of 10 MMTPA as of March 31, 2021 and it is expected to reach 16.5 MMTPA by FY24.
In May 2019, the company acquired Singha Cement, a Sri Lankan Cement Company that operates a packing terminal in Colombo, to augment its focus on having a port-based distribution strategy.
Additionally, it has commissioned one of the largest port-based cement terminals in India at Krishnapatnam with an automated ship loading facility and packing terminals at Cochin, Gopalpur and Karaikal ports.
In Fiscal 2021, the company’s revenue from operations, EBITDA and profit for the year stood at 2,476.39 Crore, ₹ 479.84 Crore and ₹ 152.07 Crore, respectively.
Investment Bankers appointed to the Issue are Edelweiss Financial Services Ltd, Axis Capital Ltd, ICICI Securities Ltd, JM Financial Ltd and Yes Securities (India) Limited, the release added.
UNI KNR CS 1700
More News
India's core sector output rises to three-month high of 6 7 pc in February

India's core sector output rises to three-month high of 6 7 pc in February

28 Mar 2024 | 7:51 PM

New Delhi, Mar 28 (UNI) Driven primarily by coal, cement and crude oil production, India's core sector comprising of eight key infrastructure components grew 6.7% year-on-year in February 2024, as per data released by Ministry of Commerce and Industry on Thursday.

see more..

Honda Motorcycle & Scooter India achieves historic 6 cr domestic sales milestone

28 Mar 2024 | 7:19 PM

Mumbai, Mar 28 (UNI) Honda Motorcycle & Scooter India (HMSI) announced on Thursday that it has accomplished a historic achievement of 6 crore domestic sales in India. Honda ventured into the Indian market with its first two-wheeler, the Activa, in 2001.

see more..

28 Mar 2024 | 5:28 PM

UNI NK AKS.

see more..
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
image