Chennai: India Cements Ltd on Tuesday informed the stock exchanges that its board of directors will meet on November 19 to consider raising of funds through equity or equity linked securities in the domestic or foreign markets.
Company officials declined to elaborate, but said it was only an enabling provision and that it can raise the funds whenever required, within a year.
India Cements is raising its capacity from about 8.9 million tonnes (mt) to about 15 mt over the next 18 months, which it has said will be funded through internal accruals and a foreign currency convertible bond issue it made in May 2006.
The company has also got plans to put up cement plants in Himachal Pradesh and Rajasthan, where it has got mining lease, and is scouting for limestone reserves in Madhya Pradesh. The funds raised through the equity issue will be used for these plants, it is learnt.
India Cements’ equity share capital is Rs 260 crore, while its authorised capital is Rs 535 crore, including Rs 75 crore of preference shares.
The company’s shares closed at Rs 267.80 a share on the NSE on Tuesday, up 2.40 per cent over yesterday’s close of Rs 261.50.
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