SCL funds drive yields Rs 2,400cr
Global and domestic portfolio investors have participated in the Rs 2400- crore qualified institutional placement of Shree Cement Limited (SCL).
The company on Friday said in a statement that during the quarter ended December 31, 2019, it has raised the QIP amount and allotted 12,43,523 equity shares of Rs 10 each at Rs 19,300 per share on November 23, 2019. As a result of the issue, paid up capital of the company increased to Rs 36.08 crore from Rs 34.83 crore.
Company officials said the QIP received responses from both foreign portfolio investors as well and mutual funds and pension funds.
Aberdeen Global, New World Fund Inc, Aditya Birla Sunlife, APM Kotak India Master Fund, Avendus Absolute Return Fund, American Funds Insurance, Axis MF and Multicap Funds, East Spring Investments India Infrastructure, Fidelity Investments, HSBC China are among the investors who have participated in the QIP.
The company is expanding its manufacturing capacity with clinker grinding units in Cuttack and Pune, each with a capacity of 3 million tonnes (mt). With the completion of the projects, the manufacturing capacity of the company is expected to increase to 50.4mt from 44.4 mt by 2020-21. The manufacturing units are in north, east, southern and central India.
The board of directors declared an interim dividend of Rs 110 per equity share of Rs 10 each for 2019-20, which includes Rs 70 per share as normal dividend and Rs 40 per share as additional dividend.