Nuvoco Vistas set to file papers for INR50bn IPO

India’s Nuvoco Vistas Corp is shortly expected to file preliminary papers with the Securities and Exchange Board of India to raise INR50bn (US$679.35m) through an initial public offering.

The sale would consist of INR15bn of new shares and an offer for sale of INR35bn by its promoters, according to the Economic Times. The proceeds are expected to be used for loan repayments and general corporate purposes.