ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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INDIA CEMENTS-Still Struggling

raw materials which could not be matched by commensurate increase in selling prices. The company issued 6,65/700 12.5 per cent secured convertible debentures of Rs 140 each. The issue was oversubscribed and the company was permitted to retain the excess subscription. Out of Rs 140, an amount of Rs 40 was converted into one equity share of the face value of Rs 25 at a premium of Rs 15 on December 1, 1987. The proceeds of the debenture issue were utilised to meet the expenses on modernisation/ renovation/ replacement of equipments and for working capital.

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