Published 14:23 IST, November 15th 2024
UltraTech Cement: Rs 3000 Crore Fundraise Gets Nod From Board - Details
UltraTech Cement Fundraise: Aditya Birla Group-owned Ultratech Cement, on Friday, approved a fundraise of Rs 3000 crore via NCD route.
Aditya Birla Group-owned UltraTech Cement is slated to raise Rs 3000 crore by issuing non-convertible debentures, the company said on Friday. In an exchange filing, UltraTech Cement said that the fundraising will be carried out by issuing 3,00,000 NCDs. The scheme was approved by the board of directors of the company in a meeting on November 15.
UltraTech Cement Fundraise Plan:
"Finance Committee of the Board of Directors of the Company at its meeting held today has inter-alia approved a proposal to raise funds by issuance of up to 3,00,000 fully paid, unsecured, listed, rated, redeemable, rupee-denominated, non-convertible, non-cumulative debentures of Rs. 1,00,000/- each aggregating up to Rs. 3,000 crores (Rupees Three Thousand Crores only), in one or more tranches, on private placement basis," the company said in the exchange filing.
The management has yet not commented on what the proceeds of the fundraise would be used for.
UltraTech Cement: Q2 FY 2025 Numbers
Earlier this month, UltraTech Cement raised its stake in a company in the Middle East via its subsidiary in the region. The company announced its shareholding in Ras Al Khaimah Company for White Cement and Construction Materials PSC to 65.94% with the acquisition of 5,77,74,407 equity shares representing 11.55% of the share capital of the latter. In the quarterly results announced on October 21, UltraTech Cement reported Profit After Tax (PAT) of Rs. 820 crores. The profit dropped against the corresponding quarter in the previous fiscal, when the company reported a PAT of Rs 1,281 crore.
Updated 14:23 IST, November 15th 2024