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Hyderabad, July 26

Andhra Cements Ltd will issue 1.54 crore equity shares by way of preferential issue on private placement basis to Infrastructure Development Finance Company (87.4 lakh ) and promoter companies (66.7 lakh). The pricing would be in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000. The company would invest Rs 400 crore to expand its existing capacity from 1.40 million tonnes per annum to 3.50 mt. The funds would be mobilised through loans from financial institutions and internal accruals. An extraordinary general meeting of the members of the company would be convened on August 21 to get approval for the proposed preferential issue, according to a release. – Our Bureau

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