Indian cement company UltraTech cement’s Board of Directors has approved a proposal to raise up to ₹3,000 crores through the issuance of US dollar-denominated bonds.
”The finance committee approved raising funds by way of issuance of foreign currency (USD) denominated bonds (Notes) aggregating up to USD 400 million, corresponding to ₹3,000 crores, to be offered and sold within the United States to qualified institutional buyers… in one or more tranches,” the company said in a late evening regulatory filing on Wednesday.
The proceeds from the bonds will be used to refinance the company’s existing rupee debt, said UltraTech cement. A portion of the proceeds will be set aside for ongoing capital expenditure requirements and general corporate purposes.
