The Hindu Business Line : Chettinad Cement approves rights issue

THE board of Chettinad Cement Corporation Ltd has approved a rights issue proposal for a value not exceeding Rs 40 crore. It has appointed a three-member committee to decide on the size and timing of the issue, and also to get regulatory clearances.

According to reliable sources, the rights issue is likely to be used to part-finance a 15-MW coal-based captive power plant that the company intends to put up. The plant is scheduled to go on stream in the next 18 months.

This will be the fourth rights issue of the company. The last one was in February when the company raised Rs 30 crore through it to retire a part of the debt. The issue was then priced at Rs 36 per share, a premium of Rs 26 on each share.

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