UltraTech Cement plans to raise ₹5,000 crore from market
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UltraTech Cement plans to raise up to ₹5,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis, with details on tenure and coupon rates pending. The company recently reported a 17.23% increase in net profit for the June quarter, alongside a 15.85% rise in revenue, and is also looking to expand into the cables and wires business this fiscal year.
UltraTech Cement on Thursday said it is planning to raise up to ₹5,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.
The Finance Committee of the board approved a proposal to raise funds by issuance of up to 5,00,000 non-convertible, non-cumulative debentures of ₹1,00,000 each, it said in a BSE filing.
Further details regarding the tenure, coupon rate and timeline of the tranches are awaited.
Earlier this week, UltraTech Cement reported a jump of 17.23 per cent in June quarter consolidated net profit at ₹2,603.72 crore and 15.85 per cent rise in revenue from operations at ₹24,648.20 crore.
UltraTech leads the cement industry with a total grey cement capacity of 205.5 MTPA and white cement/putty capacity of 3.2 MTPA.
It is also planning to foray into the cables and wires business this fiscal.
Original Article
Published on Hindu BusinessLine