Emami Cement gets SEBI approval for initial public offering of Rs 1,000 cr

The IPO comprises of equity shares of face value of Rs 10 each aggregating up to Rs 1,000 crore comprising a fresh issue aggregating up to Rs 500 crore and an offer for sale up to Rs 500 crore

Emami Cement, which had filed its draft red herring prospectus (DRHP) with SEBI in October last year for an initial public offering (IPO) of Rs. 1,000 crore, has received the approval from the regulatory authority this month.

In line with regulatory norms, the company has to float its IPO by May 14, 2020. 

Sources said the company has already appointed five merchant bankers - IIFL Holdings, Axis Capital, CLSA India, Edelweiss Financial Services and Nomura Financial Advisory and Securities -  who will decide on the opportune time for the IPO. 

The IPO comprises of equity shares of face value of Rs 10 each