Emami Cement gets Sebi nod for IPO

Emami Cement Ltd's IPO could hit the market in the next six months with SEBI approving the issue, company sources said. The company is looking to raise Rs 1,000 crore through the IPO, which comprises fresh issuance of shares worth Rs 500 crore, and the rest as offer for sale from existing promoters. Emami officials, however, declined to speak about valuations and the timeline of the issue. "We have received Securities and Exchange Board of India approval on May 15, and we will now finalise a roadmap in consultation with the merchant bankers," a source said. Emami Cement currently operates three manufacturing plants at Risda in Madhya Pradesh, Panagarh in West Bengal and Bhabua in Bihar, having a capacity of 5.6 million tonne.