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MEXICO CITY, Oct 18 (Reuters) - Mexican cement maker Elementia agreed to raise up to 4.37 billion pesos ($233.75 million) with the issuance of some 218.4 million shares, the company said on Tuesday.
Shareholders of the company, which is part owned by Mexican billionaire Carlos Slim, agreed at a meeting to issue the shares at 20 pesos per share. However, just under third of this sum would be counted as variable equity capital in Elementia, it said.
As a result, Elementia's equity capital would be increased by up to 1.39 billon pesos, the firm said in a statement.
$1 = 18.6950 Mexican pesos Reporting by Mexico City Newsroom