Ultratech to raise up to Rs 3,000 crore

Ultratech Cement said the proceeds from the issuance will be used to refinance existing rupee debt

New Delhi: Ultratech Cement’s board has approved a proposal raise up to Rs 3,000 crore through 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 $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,” the company said in a late evening regulatory filing on Wednesday.

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Ultratech Cement said the proceeds from the issuance will be used to refinance existing rupee debt, with the remainder reserved for regular ongoing capital expenditure requirements and general corporate purposes. The company said it is contemplating listing of the Notes on the Singapore Stock Exchange, subject to market conditions.