The Hindu Business Line : India Cements to seek shareholders' nod for hike in authorised capital

INDIA Cements Ltd will seek the approval of its shareholders to increase its authorised capital from Rs 225 crore to Rs 275 crore and also to privately place equity warrants and optionally convertible debentures to raise Rs 655 crore.

The company's board had, last week, approved the allotment of equity warrants and optionally convertible debentures to raise the money that would go towards paying back part of its Rs 1,850-crore debt.

After the private placement, the equity capital would increase from Rs 139.55 crore to Rs 177.95 crore.

The authorised capital, now comprising 7.5 lakh redeemable cumulative preference shares of Rs 100 each and Rs 15 crore equity shares of Rs 10 each, will go up by Rs 50 crore with the number of equity shares increasing to 20 crore of Rs 10 each.

The company will also seek the shareholders to mortgage its immovable and movable properties to 16 banks and institutions and also to increase the borrowing powers of the board to Rs 2,500 crore.

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