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ACC to raise $100 m

By Our Staff Correspondent

MUMBAI, MARCH 9. The Associated Cement Company Ltd. (ACC) has priced a double-barrelled offering, combining the sale of foreign currency convertible bonds (FCCBs) and global depository receipts (GDRs) aggregating $ 100 million (including greenshoe option).

The company intends to use the aggregate net proceeds of this offering for funding its acquisition of Bargarh Cement (formerly IDCOL Cement), modernisation of the Chaibasa plant along with setting up of a captive power plant and other capital expenditure programmes.

Speaking to The Hindu, A. K. Jain, Executive Director, ACC, said of the total of around Rs. 450 crores that had been raised, ACC planned to invest around Rs. 280 crores at the Chaibasa unit in Jharkhand with a capacity of 1.5 million tonnes annually.

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