Indian cement maker Andhra Cements Ltd yesterday announced raising INR18.64 crore (US$3.9m) by issuing up to over 7.7 million lakh equity shares of Rs 10 each to HDFC and IDFC by way of conversion of outstanding obligation on preferential basis.

The shareholders adopted a resolution to this effect at its 71st annual general meeting held on Monday, Andhra Cements informed the Bombay Stock Exchange on Tuesday in a regulatory disclosure.

The shareholders also approved re-appointment of Dr. Sushil Chandra, GP Goenka and Dr. A L.Ananthanarayanan as directors with retirement by rotation, it said.

They also appointed Lodha & Co. and Chaturvedi & Partners, Chartered Accountants as auditors of the company for 2010-11, it said.
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