UltraTech Cement Looks Raising Rs.1,000 Crore Via NCDs

The Indian cement company UltraTech Cement (NSE: ULTRACEMCO) considers raising Rs.1,000 crore by issuing non-convertible debentures (NCDs) on private placement basis on or after December 30.

The fund raising was approved by the Board of Directors of the company in May this year. It was agreed to raise the funds by way of issuance of NCDs, foreign currency loan or rupee term loan, or in any other manner, in one or more tranches, as per reported in IANS.

“The company is considering a proposal to raise funds by issuance of 10,000 rated, listed, non-convertible, redeemable, unsecured NCDs of Rs 10,00,000 each aggregating to Rs 1,000 crores, on private placement basis, including the terms and conditions of the issue, on or after 30th December, 2020,” UltraTech said in a regulatory filing.

Last Thursday, the shares of the company on the BSE closed at Rs.5,041.80, Rs.8.55 or 0.17 percent higher from its previous close.