India Cements to raise $65 million through issue of shares to QIBs

India Cements in consultation with the our Joint Global Coordinators, viz. Deutsche Equities India Private Ltd and RBS Equities (India) Ltd, has finalised the issue of 2,45,94,000 equity shares of Rs.10/- each at a price of Rs.120.20 per share (including premium), involving a total sum of Rs. 295.62 crores (US$65 million), to Qualified Institutional Buyers (QIBs) in terms of Chapter VIII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Board Committee of our Company will meet once the subscription money towards the equity shares allocated to Qualified Institutional Buyers (QIBs) is received, to consider allotment of aforesaid equity shares. The issue price is above the floor price of Rs. 120.16 calculated in accordance with Chapter VIII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The paid-up equity share capital of the Company, on allotment of the aforesaid shares, will go up from Rs. 282.58 crores to Rs.307.18 crores.

The stock was trading at Rs.121.35, up by Rs.0.55 or 0.46%. The stock hit an intraday high of Rs.123 and low of Rs.120.25.

The total traded quantity was 117005 compared to 2 week average of 376795.

Source : Equity Bulls

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