Grupo Argos is looking to raise up to COP750bn (US$411m) with the issuance of mandatory convertible bonds scheduled for November 27, local paper La República reported. Groupo Argos is the parent company of Colombia's largest cement firm, Cementos Argos.

The placement, already approved by Colombian financial regulator Superfinanciera, will start with an initial value of COP500bn, with the possibility to be increased by COP250bn.

The issuance was expected to include two-year and five-year bonds to finance the company's investment plan, according to a previous company statement.

Grupo Argos is part of Grupo Empresarial Antioqueño (GEA), Colombia's biggest business group.