Ultratech Cement, subsidiary of the Indian multinational conglomerate has announced that the board has approved a proposal raise up to Rs 3,000 crore through issuance of US dollar-denominated bonds.
The company stated in a late evening regulatory filing on 3rd February, “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 Rs 3,000 crore, to be offered and sold within the United States to qualified institutional buyers in one or more tranches.”
Ultratech Cement said the proceeds from the issuance will be utilized as refinance for existing rupee debt, with the remainder reserved for regular ongoing capital expenditure requirements and general corporate purposes.
The cement company based in Mumbai is trading at Rs 6140 at 11:20 AM, 1.08% higher as against the previous close of Rs 6074.70. Their momentum is very bullish in nature; above short, medium and long term moving averages. The company is currently 2.88% from its 52-week-high.
The company declared that it is debating listing of the notes on the Singapore Stock Exchange, depending on market conditions.