India Cements Board clears ` 500 cr. fund raising proposal

India Cements Ltd. (ICL) is cautiously optimistic about its performance for the next year following a ‘difficult and tough year’ that the company has faced. The company has also received the shareholders approval for raising ` 500 crore through qualified institutional placements (QIP) or foreign currency convertible bonds (FCCB) to meet its capital expenditure needs. According to the company’s Managing Director and Vice-Chairman N. Srinivasan, who addressed the concerns of shareholders on the company’s performance, next year is expected to prove better than the previous one.

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