Penna Cement Industries gets Sebi nod
Penna Cement Industries has got markets regulator Sebi's go ahead for its Rs 1,550-crore initial public offering (IPO). The IPO of Penna Cement comprises fresh issue of up to Rs 1,300 crore and an offer for sale of up to Rs 250 crore by the company's promoter, PR Cement Holdings Limited. In November last year, Penna Cement Industries had filed draft papers with Sebi to raise Rs 1,550 crore through IPO. The company obtained the regulator's "observation" on May 31, 2019, as per the latest update with the capital markets watchdog. Sebi's observation is necessary for any company planning to launch public issues.
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