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Emami Cement files for IPO with Sebi

Published by , Deputy Editor
World Cement,

Emami Cement has filed a draft red herring prospectus (DRHP) with market regulator, Sebi. The company plans to issue fresh equity shares worth Rs. 5 billion through the IPO. Another Rs. 5 billion worth of shares belonging to the promoter group will be sold in the IPO. The proceeds will be used for repayment of debt and for general corporate purposes. IIFL Holdings, Axis Capital, CLSA India, Edelweiss and Nomura (India) are handling the IPO.

The company has an installed manufacturing capacity of 5.6 million tpy. At present, the company operates three manufacturing plants and is in the process of setting up another plant. The new plant will increase the company's installed capacity to 9.3 tpy of cement and 3.2 MMTPA of clinker by April 2019, it said in a release.

For the three months ended 30 June 2018, ECL had a market share of 5% in terms of cement sales volume, while its installed cement manufacturing capacity represented 6% of the total installed capacity in Eastern India.

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India cement news