Economy & Market
Trinetra to allot Rs 615 cr shares to India Cements
Trinetra Cement Ltd is planning to allocate shares worth around Rs 615 crore to Chennai-based India Cements through preference shares. India Cements Ltd, south India's largest cement manufacturer by volume, had acquired Trinetra Cement during last fiscal through its subsidiary ICL Financial Services Ltd in March last year. During the course of revival and expansion of the capacity of the cement plant, Trinetra had availed of financial assistance from India Cements for meeting various requirements including cost overruns on the construction of the cement plant, operations of the plant, working capital requirements and implementation of power power plant. The total amount outstanding as on September 30, 2011, accumulated to Rs 725 crore. Trinetra, formerly Indo Zinc Ltd, was formed in 1987 with a focus to manufacture and trading of zinc, brass and other ferrous and non-ferrous metals.