India Cement board approves pref issue

The India Cement board, at their meeting held today, has approved the private placement of 2,96,00,561 crore equity, warrants on preferential basis.

According to a release issued to the BSE, the allottees has an option to convert each warrant into one fully paid-up equity share at a strike price of Rs 47/- at any time within 18 months of issue. The issue would result in an receipt of Rs 1391.2 million.

The company has also decided to issue secured debentures aggregating to Indian rupees equivalent to $116.84 million with optionally convertible debentures upto Indian rupees equivalent to $25 million.

The issue has an option of converting debentures at the end of 18 months from issue into one fully paid-up equity share of Rs 10/- each at the higher of the price of Rs 125/- per share, the release further added.