Nuvoco Vistas Files IPO Papers

Nuvoco Vista IPO will consist of a fresh issue of shares worth up to Rs 1,500 crore and an offer for sale amounting to Rs 3,500 crore

Nuvoco Vistas Corporation, the cement arm of the Nirma Group, has filed its DRHP (draft red herring prospectus) with SEBI for a Rs 5,000 crore initial public offer (IPO). This is a significant development for the cement sector as Burnpur Cement was the last cement listing on the Indian bourses way back in November 2007. Nirma was de-listed from the stock exchanges nine years ago, although it continues to be a household detergent brand across the country. Nuvoco Vista' IPO will consist of a fresh issue of shares worth up to Rs 1,500 crore and an offer for sale amounting to Rs 3,500 crore. The proceeds from the share sale will be used to repay debt worth Rs 1,350 crore and for general corporate purposes.