Dalmia Cements to raise Rs 700 cr via securities

MUMBAI: Dalmia Cements Bharat Ltd on Friday said it has received shareholders approval to raise Rs 700 crore through the issue of securities in domestic or international markets.

The shareholders at the AGM held on June 26, approved to the issue of preference shares, debentures, depository receipts, warrants or other securities convertible into equity shares to domestic or foreign investors, subject to necessary approvals, the company informed the Bombay Stock Exchange.

The conversion and issue of securities, would give rise to an equity capital Rs 10 crore, it added. The shareholders also gave their approval to the board for making any loan upto Rs 115 crore.

The company would pay a dividend of Rs 2 on equity share of Rs 2 each (100 per cent) for the year ended March 31, 2006.

The shares of the company closed at Rs 245.80, down 4.99 per cent at the BSE.