India Cements board to consider raising Rs 500 cr

Cement manufacturer India Cements today said its board will consider a proposal to raise Rs 500 crore from investors.

"The Board of Directors at its meeting will, consider the following issue of QIP, FCCB, GDR and/or other securities for a total sum not succeeding Rs 500 crore ($80 million)", India Cements said in a filing to the BSE stock exchange.

The board would also consider delisting of its shares from the Madras Stock Exchange Ltd, it said.

Shares of the company closed at Rs 108.60 apiece, down by 6.1 per cent, on the BSE.