New Delhi: Nuvoco Vistas Corporation, part of the Nirma Group, on Wednesday said it has fixed a price band of Rs 560-570 a share for its Rs 5,000 crore initial public offering. The three-day initial share-sale will open for public subscription on August 9 and conclude on August 11, the company announced. The initial public offering (IPO) comprises fresh issue of shares worth Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise.
Proceeds of the fresh issue will be used to repayment of certain loans availed the company and general corporate purpose. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 26 equity shares and in multiples of 26 equity shares thereafter.
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Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 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. The company's leadership team is led by Hiren Patel, Chairman and Non-Executive Director and Jayakumar Krishnaswamy, Managing Director.
Nuvoco Vistas, formerly Lafarge India Limited, in February 2020 announced that it will acquire the 8.3 million tonne per annum cement business of Emami for an enterprise value Rs 5,500 crore. The deal was approved by Competition Commission of India (CCI) in May 2020. ICICI Securities, Axis Capital, JSBC Securities and Capital Markets (India) Private Limited J.P. Morgan India and SBI Capital Markets are the merchant bankers.
The equity shares of the company will be listed on BSE and NSE. Founded by Karsanbhai Patel, Nirma Limited 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 BSE and NSE in 2011. (PTI)
