India: Penna Cement has received approval from the Securities and Exchange Board of India (SEBI) for a US$220m initial public offering (IPO). The company intends to use the funds to pay off debts and for general corporate purposes, according to the Hindu newspaper. The cement producer operates four integrated plants and two grinding plants in Andhra Pradesh, Telangana and Maharashtra that share a total production capacity of 10Mt/yr.
Penna Cement cleared for initial public offering
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