India Cements gets nod to raise $100mn

City-based cement major India Cements has received approval for raising around $100 million (Rs 500 crore). The company informed the BSE that the members at the 63rd AGM held today approved the issuance of equity/equity-linked securities in Indian/foreign markets, qualified institutional placement for an amount not exceeding $100 million including premium.

Recently, company’s vice chairman and managing director N Srinivasan had said the fund was required for the various projects being undertaken and for repayment of debts and other general corporate purposes. “This is an enabling resolution. We will try to fund the projects through internal accruals... if needed we will raise the money,” said Srinivasan.