ICICI Securities Ltd | Retail Equity Research NCL Industries has raised | 201.8 crore via qualified institutional placement by issuing 85 lakh shares at a price of | 237.5 per share. The proceeds of the issue will be primarily used for pre-payment of debt and acquisition of additional limestone mines. The current debt of the company is roughly at | 304.2 crore. The proceeds from the QIP will help the company reduce its debt significantly. We expect debt to reduce by ~| 225 crore leading to a D/E of 0.1x in FY19E. Apart from strengthening the balance sheet, it will also...