India Cements board approves funding proposal

The Board of India Cements has approved a proposal to raise INR500 crore through qualified institutional placements or foreign currency convertible bonds to meet capital expenditure, a senior company official has said.

"The Board has approved the proposal for raising an amount not exceeding INR500 crore by way of issue of QIP/FCCB/GDR or other Securities to improve the leverage and for meeting normal capital expenditure," N Srinivasan, vice chairman and managing director of India Cements said during the company's 68th Annual General Meeting.

"We have approached the shareholders for approval in this regard," he added.

The company is taking measures on an operational level to improve performance in the remainder of the current financial year, Mr Srinivasan highlighted. He also expressed hope that investment activity would pick up in the coming months with a stable government playing a central role and a push on infrastructure development.