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Nuvoco Vistas IPO opens for subscription today: GMP…

Concrete producer Nuvoco Vistas Corporation, some portion of the Nirma Group, will dispatch its first sale of stock (IPO) today and the three-day issue will close on August 11. The firm has fixed its first sale of stock (IPO) cost at ₹560-570 an offer. The organization has raised ₹1,500 crore from anchor financial backers in front of its underlying offer deal.

The IPO involves new issue of offers worth ₹1,500 crore and a proposal available to be purchased (OFS) of ₹3,500 crore by advertiser Niyogi Enterprise. Nuvoco Vistas dim market premium (GMP) are around ₹20, according to advertise spectators.

Nuvoco Vistas IPO proceeds will be used for repayment in full or part of certain borrowings availed by the company. (Representational image)

Continues of the new issue will be utilized to reimbursement of specific advances benefited the organization and general corporate reason. ICICI Securities Ltd, Axis Capital, HSBC Securities and Capital business sectors India, JP Morgan India and SBI Capital Markets are the lead chiefs to the issue.

Nuvoco Vistas is a concrete producer with a combined limit of 22.32 million metric tons for each annum (MMTPA). It has 11 concrete plants containing five coordinated units, five pounding units and one mixing unit. It works concrete assembling units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.

Nuvoco Vistas, some time ago Lafarge India Limited, in February 2020 reported that it will obtain the 8.3 million ton for every annum concrete business of Emami for an undertaking esteem ₹5,500 crore. The arrangement was endorsed by Competition Commission of India (CCI) in May 2020.

”NVCL’s plants are situated at different key areas in east and north India. They have three coordinated units and five crushing units in East India, and two incorporated units and one mixing unit in North India. These areas permit them to successfully sell their items in East and North India just as admittance to choose key business sectors in Central India. They are likewise during the time spent improving their concrete limit in their current crushing units in Jojobera Cement Plant and Bhabua Cement Plant in East India. The availability to crude materials and their clients permits them to make and sell their concrete items in an expense effective way,” ICICI Direct said in a note.


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