India Cements to issue up to $75 million of convertibles

By Angela McDaniels

Seattle, March 13 - India Cements Ltd. plans to issue up to $75 million of foreign-currency convertible bonds, according to a company news release.

The company also plans to increase the combined holding limit under the Portfolio, Investment Scheme and subaccounts of all foreign institutional investors to 40% of paid equity capital from the present 24%. The company will hold an extraordinary general meeting on April 13 to seek shareholder approval.

The company is a cement producer based in Chennai, India.

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