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India Cements has raised Rs2.96 billion ($65 million) through issue of 24.6 million shares at an average price of Rs120.2 per share. Proceeds are primarily to be utilized for capex, working capital requirements and repayment of existing loans. Cement prices have been hiked in Andhra Pradesh due to power cuts and prevailing prices now stand [...]
Tagged as: Free Share Tips, India Cements, Kotak Securities
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India Cements has raised $65 million via the qualified institutional placement (QIP) route, which we believe is primarily for the redemption of the $75 million of foreign currency convertible bond (FCCBs) due in May 2011. The conversion price of the FCCBs is at Rs350, which is far above the company’s current market price. Thus the [...]
Tagged as: Angel Broking, Free Share Tips, India Cements
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