Daijiworld Media Network – Mumbai
Mumbai, Jul 23: UltraTech Cement on Thursday announced plans to raise up to Rs 5,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.
In a regulatory filing to the BSE, the company said its Finance Committee has approved the proposal to issue up to 5,00,000 non-convertible, non-cumulative debentures with a face value of Rs 1 lakh each.
The company is yet to announce details regarding the tenure, coupon rate and schedule for the proposed issuances.
The fundraising plan comes days after UltraTech Cement reported a 17.23 per cent year-on-year increase in its consolidated net profit to Rs 2,603.72 crore for the April-June quarter. Revenue from operations during the same period rose 15.85 per cent to Rs 24,648.20 crore.
UltraTech remains India's largest cement manufacturer with a total grey cement production capacity of 205.5 million tonnes per annum (MTPA) and a white cement and putty capacity of 3.2 MTPA.
The Aditya Birla Group company has also announced plans to enter the cables and wires business during the current financial year.