Nuvoco Vistas garners Rs 1,500 crore from anchor buyers forward of IPO

Cement producer Nuvoco Vistas Corporation Ltd, a part of the Nirma Group, has raised Rs 1,500 crore from anchor buyers forward of its preliminary share sale, which opens for public subscription on Monday.
The firm has determined to allocate 2.63 crore fairness shares to anchor buyers at Rs 570 apiece aggregating the transaction dimension to Rs 1,500 crore, in response to a round uploaded late night on Friday on the BSE web site.

HDFC Life Insurance Company, SBI Life Insurance Company, SBI Mutual Fund (MF), Axis MF, Mirae MF, Franklin Templeton MF, Premji Invest and SBI Pension Fund amongst others had been home buyers that participated within the anchor guide.
Among the international portfolio buyers contributors had been APG AM, CI Funds, TT International, Carmignac, and Wells Capital.
The preliminary public providing (IPO) contains a recent situation of shares price Rs 1,500 crore and a proposal on the market of Rs 3,500 crore by promoter Niyogi Enterprise.
The public situation, with a value band of Rs 560-570 a share, will open for subscription on August 9 and conclude on August 11.
Proceeds of the recent situation shall be used for the reimbursement of sure loans availed to the corporate and for normal company functions.

Half of the problem dimension has been reserved for certified institutional consumers (QIBs), 35 per cent for retail buyers and the remaining 15 per cent for non-institutional buyers.
Investors can bid for no less than 26 fairness shares and in multiples of 26 fairness shares thereafter.
Nuvoco Vistas is a cement producer with a consolidated capability of twenty-two.32 million metric tonnes each year (MMTPA). It has 11 cement crops comprising 5 built-in items, 5 grinding items and one mixing unit.
It operates cement manufacturing items in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.
The firm’s management workforce is led by Hiren Patel, Chairman and Non-Executive Director and Jayakumar Krishnaswamy, Managing Director.
Nuvoco Vistas, previously Lafarge India Limited, in February 2020 introduced that it’ll purchase the 8.3 million tonnes each year cement enterprise of Emami for an enterprise worth of Rs 5,500 crore. The superb was accredited by the Competition Commission of India (CCI) in May 2020.

ICICI Securities, Axis Capital, JSBC Securities and Capital Markets (India) Private Limited J.P. Morgan India and SBI Capital Markets are service provider bankers.
The firm’s fairness shares shall be listed on the BSE and the NSE.
Founded by Karsanbhai Patel, Nirma Limited is certainly one of India’s diversified conglomerates with companies throughout industrial and client merchandise starting from soaps and detergents, salt, soda ash, caustic soda and different chemical compounds. The firm was delisted on the BSE and the NSE in 2011.