Kanodia Cement raises funds for expansion

Kanodia Cement (India) is planning to expand its cement capacity to 10Mta (from 5Mta) and is looking to raise funds for such an expansion through a public issue. 

Kanodia Cement is planning to make a significant financial manoeuvre by launching an initial public offering to raise INR8bn (US$95.12m). The company is eager to double its production capacity, currently around 5Mta. The company, part of the broader Kanodia Group that also deals in personal hygiene products and real estate and media, plans to file its draft red herring prospectus with SEBI within two months. 

The Group is actively engaging institutional investors before listing the cement business on stock exchanges.