 "Emami Cement files for IPO with Sebi, proceeds to be used in debt repayment")
Emami Cement, a leading cement company in eastern India, plans to go public. The company on Friday 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 issue 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.
Emami Cement has an installed manufacturing capacity of 5.6 million metric tonne per annum (MMTPA). 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 MMTPA of cement and 3.2 MMTPA of clinker by April 2019, it said in a release.
For the three months ended June 30, 2018, ECL had a market share of five per cent in terms of cement sales volume, while its installed cement manufacturing capacity represented six per cent of the total installed capacity in eastern India.
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