India Cement sees concrete demand

Strong demand for cement and successful company restructuring helps boost interest in the issue.
India Cements has raised $75 million from the sale of five-year convertible bonds at a time when the cement sector is sizzling hot and the company is getting ready to report its first full-year profit since 2001.

Demand for the smallish-sized deal, which also came on the back of a takeover rumour, was solid and the bonds traded up yesterday to about 101.00-101.125.

A return to profitability early in fiscal 2006 which ended March 31 was key. Plus there was optimism that the company û IndiaÆs fifth largest cement manufacturer - has left its previous debt problems behind after an extensive restructuring. This had seen the share price go 249% higher in the 12 months...
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