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IPO Of Nuvoco Vistas Subscribed 16% On First Day

The category for retail individual investors (RIIs) was subscribed 31 per cent and non-institutional investors 1 per cent.

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The price range for the offer has been fixed at Rs 560-570 per share.

The initial public offer of cement manufacturer Nuvoco Vistas Corporation was subscribed 16 per cent on the first day of subscription on Monday. The three-day IPO received bids for 97,33,126 shares against 6,25,00,001 shares on offer, according to exchanges data.

The category for retail individual investors (RIIs) was subscribed 31 per cent and non-institutional investors 1 per cent.

The initial public offer (IPO) aggregating up to Rs 5,000 crore comprises a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore.

The price range for the offer has been fixed at Rs 560-570 per share.

Nuvoco Vistas Corporation Ltd, part of the Nirma Group, last week raised Rs 1,500 crore from anchor investors.

Proceeds of the fresh issue will be used for repayment of certain loans availed by the company and general corporate purposes.

Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonnes per annum (MMTPA).

It has 11 cement plants comprising five integrated units, five grinding units, and one blending unit.

It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan, and Haryana.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), JP Morgan India, and SBI Capital Markets are the managers of the offer.

The company’s equity shares will be listed on the BSE and the NSE.

Source: PTI

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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