ICICI in equity pact with Andhra Cement

ICICI in equity pact with Andhra Cement
Published: 20 June 2006

THE GP Goenka Group-promoted Andhra Cements (ACL) on Monday said ICICI Bank had finalised a Rs 50-crore equity-cum-debt deal with the company. ICICI Bank has picked up six per cent in Andhra Cement for a consideration of Rs 10 crore while the bank will provide another Rs 40 crore as debt to the company. The promoters, the Goenka Group, will infuse another Rs 30 crore into the firm, taking the promoter’s equity stake to a new high of around 90 per cent.