ICL seeks nod to increase borrowing limit

The India Cements Limited has sought the approval of its shareholders to increase the borrowing limit by Rs.400 crore to Rs.2,900 crore.

Consequent to the scheme of amalgamation with Visaka Cement Industry Limited (VCIL), the borrowing limit of India Cements stood at Rs.2,900 crore. VCIL borrowing limit has been fixed at Rs.400 crore.

Hence, a special resolution to this effect will be moved at the extraordinary general meeting to be held here on September 26, the company said in a notice to shareholders.

Besides, two more special resolutions will be moved fixing the remuneration payable to two executive directors — N. Srinivasan and Rupa Gurunath.

During 2013-14, ICL incurred a loss of Rs.35.85-crore. A steep fall in sales realisation of cement and cost-push and other factors have contributed to the loss.