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Chennai, March 13

India Cements Ltd has decided to raise up to Rs 330 crore (about $75 million) through foreign currency convertible bonds or other securities. This will be used for capital expenditure. The company's board, which met on Monday, also decided to raise the authorised share capital from Rs 325 crore to Rs 335 crore. It decided to increase the holding limit under portfolio and investment scheme of all foreign institutional investors from 24 per cent to 40 per cent of the paid up equity capital. India Cements will seek its shareholders' approval at an extraordinary general meeting scheduled for April 13, it informed the stock exchanges on Monday.

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