InvestorQ : Can you tell me about the proposed IPO of Penna Cements that just got approved?
Anamika Sodhani made post

Can you tell me about the proposed IPO of Penna Cements that just got approved?

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Angel dcosta answered.
1 month ago
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Hyderabad based Penna Cement Industries has received SEBI approval for its proposed Rs.1,550 crore IPO. The IPO will be consisting of a fresh issue of Rs.1,300 crore and an offer for sale of an OFS of Rs.250 crore wherein the promoter will partially offload their stake in the company . Penna will now the start the actual IPO process.

The fresh issue proceeds of Rs.1,300 crore will be used to defray debt of Rs.550 crore and capex investment of Rs.105 crore. Another Rs.320 crore will be spent on upgrading raw grinding mill and setting up a waste heat recovery plant. Penna Cements has 4 integrated cement plants with capacity of 10 MTPA. This will expand to 16.5 MTPA by the year 2024.

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