India Cements to hike FII limit to 40%, raise $75mn

The board of directors of India Cements, which met today, approved a proposal to hike the holding limit of all foreign institutional investors (FIIs)/ sub accounts of FIIs put together from the present 24% to 40% of paid-up equity capital.

According to a release issued by the company to the BSE today, the meeting also approved an issue of foreign currency convertible bonds to raise up to $75 million.