Emami Cement files draft papers for $136 mn IPO

Emami Cement Ltd, part of the diversified Emami Group which also owns one of India’s top fast-moving consumer goods companies, has filed its draft red herring prospectus (DRHP) with the capital markets regulator to float an initial public offering (IPO). The total IPO size is Rs 1,000 crore (around $136 million at current exchange rates). It comprises a fresh issue of shares worth Rs 500 crore besides a secondary market sale of shares worth Rs 500 crore by the promoters and promoter group entities. A public issue and subsequent listing on the stock exchanges will see Emami Cement join nearly three dozen small and big listed Indian peers.