Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
UltraTech Cement has approved a proposal to raise up to INR 5,000 crore through the private placement of non-convertible debentures (NCDs), subject to market conditions and tranche-wise issuance. The fundraise comes shortly after the company reported strong financial performance for the June quarter, with double-digit growth in both profit and revenue. As India's largest cement manufacturer, UltraTech continues to strengthen its financial position while expanding its business portfolio, including its planned entry into the cables and wires segment during the current financial year.
UltraTech Cement has approved a proposal to raise up to INR 5,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis, according to a regulatory filing with the BSE.
The company's Finance Committee of the Board has approved the issuance of up to 5,00,000 non-convertible, non-cumulative debentures, each having a face value of INR 1,00,000. The proposed fundraising will be carried out through private placement and is expected to be issued in one or more tranches, subject to applicable approvals and market conditions.
The company has not yet disclosed details regarding the tenure of the debentures, coupon rate, issue schedule or timeline for the proposed tranches. These details are expected to be announced at a later stage.
The proposed debt raise comes after UltraTech Cement reported a strong financial performance in the June quarter. In the past week, the company announced a 17.23% year-on-year increase in consolidated net profit to INR 2,603.72 crore, while revenue from operations rose 15.85% to INR 24,648.20 crore, supported by improved sales and business growth.
UltraTech Cement remains the country's largest cement manufacturer with a total grey cement production capacity of 205.5 million tonnes per annum (MTPA) and white cement and wall putty capacity of 3.2 MTPA. Over the past few years, the company has consistently expanded its manufacturing footprint through capacity additions and acquisitions, strengthening its leadership position in the Indian cement industry.
Alongside its core cement business, UltraTech is also preparing to diversify into the cables and wires segment during the current financial year. The planned expansion is part of the company's broader strategy to strengthen its presence in the building materials sector and widen its product portfolio beyond cement.
Source PTI
Advertisement
Facebook
Whatsapp
