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Nirma Group's cement co Nuvoco Vistas to raise Rs.5,000-Cr through IPO

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Nuvoco Vistas Corporation Ltd, part of the Nirma Group, has received capital markets regulator Sebi's go-ahead to raise INR 5,000 crore through an IPO. The public issue comprises a fresh issue of shares worth INR 1,500 crore and an offer for sale of shares worth INR 3,500 crore by promoter Niyogi Enterprise. The proceeds of the fresh issue will be used to repay debt and for general corporate purposes. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets, JP Morgan India and SBI Capital Markets are the merchant bankers to the IPO. Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 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.