A diversified cement company on Friday filed a draft red herring prospectus (DRHP) with the capital markets regulator to raise ?4,000 crore through an initial public offer (IPO). The IPO comprises a fresh issue of equity shares worth ?2,000 crore and an offer for sale (OFS) of ?2,000 crore by existing investor shareholders. As part of the OFS, certain investors will offload shares worth ?937.5 crore each, while a bank will divest shares valued at ?125 crore.
The company’s financial liabilities include borrowings of ?1,678.90 crore, ?1,184.40 crore dues to creditors (other than micro and small enterprises), and other financial liabilities of ?842.02 crore. Its revenue from operations stood at ?6,028.10 crore in FY24, ?5,836.72 crore in FY23, and ?4,668.57 crore in FY22.
The company is among the top players in the cement segment. The IPO process is being managed by a consortium of financial institutions and investment banks.
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