UltraTech Cement raises Rs 1,000 crore via non-convertible debentures

UltraTech Cement on Tuesday said it has raised Rs 1,000 crore through allotment of non-convertible debentures (NCDs) on private placement basis.

On December 26, the company said it is considering a proposal to raise funds by issuance of 10,000 rated, listed, non-convertible, redeemable, unsecured NCDs of Rs 10,00,000 each aggregating to Rs 1,000 crore on private placement basis on or after December 30, 2020.

The company has approved the allotment of unsecured redeemable non-convertible debentures amounting to Rs 1,000 crore on private placement basis," UltraTech said in a regulatory filing.

These NCDs have a coupon rate of 4.57 per cent per annum and will be listed on National Stock Exchange of India. Tenure of the NCDs is two years 358 days, the company added.

Shares of UltraTech Cement were trading 0.79 per cent lower at Rs 5,284.80 apiece on BSE.