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IPO of Rs 5,000 crores by Nuvoco Vista.

Nirma Group cement company Nuvoco Vistas has filed IPO papers with SEBI to launch an IPO worth Rs 5,000 crore. The issue will comprise a fresh issue of shares of up to Rs 1,500 crore and an offer-for-sale (OFS) of up to Rs 3,500 crore by its promoter selling shareholder Niyogi Enterprise Private Ltd which holds 86.56 per cent stake in the company.
The company is planning to utilise the net proceeds from the issue for the repayment/prepayment/redemption, in full or part, of certain borrowings availed of by the company which is about Rs 1,350 crore and for general corporate purposes. Nuvoco Vistas had reported a net loss of Rs 63.4 crore and Rs 26.4 crore in the span of nine months that ended December 31, 2020 and Fiscal 2019 respectively. The CRISIL report indicates that the cement demand in India is expected to grow at a CAGR of 6% to 7% from fiscal 2021 to fiscal 2026.

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