Orient Cement to raise Rs 500 crore

Orient Cement Ltd today said it is planning to raise Rs 500 crore from the market through qualified institutional placements, equity shares or through other securities.
The board of the company today approved a proposal to raise the fund in one or more tranches and would seek shareholders' approval through an AGM, Orient Cement said in a regulatory filing.
The CK Birla group firm may also use methods "including by way of a rights issue to existing shareholders of the company, private placement or a further public issue, or issue of Global Depository Receipts/American Depository Receipts, Foreign Currency Convertible Bonds... "

Shares of Orient Cement were trading at Rs 158.15 apiece on BSE, up 2.36 per cent from previous close.