Emami Cement receives approval for IPO

Emami Cement Ltd has received approval from the Securities and Exchange Board of India for an IPO, which could raise INR10bn (US$143.56m), according to the Business Standard. The IPO would consist of the fresh issuance of shares worth INR5bn and the rest offered for sale from existing promoters.

"We have received Securities and Exchange Board of India approval on 15 May, and we will now finalise a roadmap in consultation with the merchant bankers," said a company source.