Nirma group cement company Nuvoco’s IPO open for subscription on August 9

| Updated: August 4, 2021 4:57 pm

Nirma was de-listed from the stock exchange in 2011 however it has continued to be a household detergent brand across the country. Nuvoco Vistas Corporation Ltd, a Nirma group company, filed a draft with SEBI to launch an IPO worth Rs 5,000 crore on May 6 which after approval will now be open for subscription from August 9 at a price band of Rs 560-570 per share of the face value of Rs 10 each and will close on August 11.

The company’s IPO will comprise a fresh issue of shares tallying up to Rs 1,500 crore by the promoter selling shareholder Niyogi Enterprise Pvt Ltd Niyogi Enterprises which currently holds an 86.56 percent stake in the company.

Nuvoco Vista is the fifth largest cement player and hence its listing will be a significant development for the cement sector. The company has three business verticals, cement, ready-mix concrete, and modern building materials, and has its cement plants spread across Chhattisgarh, Rajasthan, Haryana, and West Bengal.

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