investors-snap-up-shares-in-india-cements

Investors snap up shares in India Cements

The company raises $150 million to expand its business, bringing the total amount raised through QIPs in the past two weeks to $2 billion.

By Anette Jönsson

December 20, 2007

India Cements has become the fifth Indian company to finish a qualified institutional placement QIP of size in less than two weeks, raising $150 million that will help pay for the purchase of two second-hand freight ships and new plants in North India.

The deal was completed just ahead of a ruling by IndiaÆs competition commission on Thursday, which determined that the countryÆs cement industry is involved in restrictive trade practices and ordered an end to price fixing. The inquiry into the issue began 17 years ago and involved 44 cement makers, including India Cements, according to local media reports. The firms have been given two months to comply with an order not to set...

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