Thursday, Mar 28 2024 | Time 19:07 Hrs(IST)
image
Business Economy


Penna Cement Industries gets Sebi approval for Rs 1,550 crore IPO

Hyderabad, Oct 18 (UNI) Hyderabad-based Penna Cement Industries on Monday announced it has received approval from capital markets regulator Securities and Exchange Board of India (Sebi) to go ahead with its Rs 1,550-crore Initial Public Offering (IPO).
The IPO includes a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by its promoter PR Cement Holdings, the company said in a release here.
Currently, P R Cement Holdings holds a 33.41 per cent stake in the company.
Penna Cements plans to utilise part of the fresh capital raised for repayment of Rs 550 crore of certain borrowings besides funding capital expenditure requirements of Rs 105 crore for its KP Line II Project.
The firm will use Rs 80 crore towards upgrading its raw grinding and cement mill in Talaricheruvu, Rs 110 crore and Rs 130 crore towards setting up a waste heat recovery plant in Talaricheruvu and Tandur, respectively, the DRHP (Draft Red Herring Prospectus) said.
Set up in 1991, the Hyderabad-based company is promoted by P. Prathap Reddy, Pioneer Builders and P R Cement Holdings Limited.
Penna Cement which has a strong brand recall in the southern and western states of India, operates out of four integrated manufacturing facilities and two grinding units across Telangana, Andhra Pradesh and Maharashtra with an aggregate capacity of 10 mmtpa as of March 2021, and its capacity is expected to reach 16.5 mmtpa by fiscal 2024.
In FY21 it met 53 per cent of its power requirements from captive sources, the release said.
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, in March 2018, it 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.
Recently Union Minister Sarbananda Sonowal inaugurated a bagging and bulk cement terminal at Syama Prasad Mookerjee Port.
In FY21, the company’s Revenue from operations stood at Rs 2,476.4 crore, while its operating profit was at Rs 479.8 crore.
Axis Capital Limited, ICICI Securities Limited, Edelweiss Financial Services Limited, Yes Securities (India) Limited and JM Financial Limited are the bankers to the IPO.
UNI KNR CS 1840
More News
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..
Indian Oil dispatches its first packed LPG truck load from Sitarganj bottling unit

Indian Oil dispatches its first packed LPG truck load from Sitarganj bottling unit

28 Mar 2024 | 2:37 PM

New Delhi, Mar 28 (UNI) State-owned Indian Oil on Thursday rolled out the first truckload of packed LPG from the Indane bottling plant at Sitarganj in Uttarakhand.

see more..

GOCL signs MoU with Squarespace Builders

28 Mar 2024 | 12:00 AM

Hyderabad, Mar 27 (UNI) GOCL Corporation Limited (GOCL), a Hinduja Group company, on Wednesday said it has entered into a significant memorandum of understanding (MoU) with Squarespace Builders Private Limited, situated in Hyderabad, to initiate the strategic monetisation of around 264.50 acres of prime land located in Kukatpally.

see more..

CSIR-NIIST develops tech for biomedical waste disposal

27 Mar 2024 | 7:57 PM

Thiruvananthapuram, Mar 27 (UNI) In a first in the country, the CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) has developed an innovative technology for safe, sustainable and cost-effective management of biomedical waste.

see more..
image