India Cement issues GDR

Offering promoted as turnaround play after company moves back into the black.

Southern India's largest cement company, India Cement, raised $100 million after London's close on Thursday October 13 from a 26.6 million unit offering. Under the lead of ABN AMRO Rothschild and Deutsche Bank, the group priced the deal at $4.3226 per unit.

At this level it came at a 3% discount to the stock's Rs100 close on the Bombay Stock Exchange on Thursday. One unit equals two shares and there is also a 15% greenshoe, which could bump proceeds up to $115 million.

Fund managers say the order book closed about three to four times covered, with participation from about 40 accounts. Geographically the book was said...

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