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Hyderabad-based Penna Cement Industries has received approval of 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, which owns 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
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