 "UltraTech Cement hits new high")
UltraTech Cement extended gains and hit a fresh high of Rs 3,954 after the company announced plans to raise funds up to Rs 500 crore through issuance of secured redeemable non-convertible debentures (NCDs) on private placement basis.
The company is proposing to issue secured redeemable non-convertible debentures (NCDs) amounting of Rs 500 crore on private placement basis, UltraTech Cement said in a regulatory filing.
The proposed issue of debentures will be listed on National Stock Exchange with deemed date of allotment on August 22, 2016, it added.
These debentures will mature on August 21, 2026. The company will offer coupon/interest rate of 7.53% per annum on these debentures.
CRISIL, the rating agency, has assigned its 'CRISIL AAA/Rating Watch with Developing Implications' rating to the Rs 500 crore NCD issue UltraTech Cement. LINK
India Ratings, too, has assigned UltraTech Cement and its NCDs ‘IND AAA’, with a stable outlook. LINK
Meanwhile, in past one-month, post April-June, 2016 (Q1FY17) results the stock outperformed the market by surging 13%, as compared to 1.4% rise in the S&P BSE Sensex.
At 10:33 am, the stock was up 1.7% at Rs 3,937 on the BSE, against 0.05% decline in the benchmark index. A combined 118,086 shares changed hands on the counter on the BSE and NSE.
The company is proposing to issue secured redeemable non-convertible debentures (NCDs) amounting of Rs 500 crore on private placement basis, UltraTech Cement said in a regulatory filing.
The proposed issue of debentures will be listed on National Stock Exchange with deemed date of allotment on August 22, 2016, it added.
These debentures will mature on August 21, 2026. The company will offer coupon/interest rate of 7.53% per annum on these debentures.
CRISIL, the rating agency, has assigned its 'CRISIL AAA/Rating Watch with Developing Implications' rating to the Rs 500 crore NCD issue UltraTech Cement. LINK
India Ratings, too, has assigned UltraTech Cement and its NCDs ‘IND AAA’, with a stable outlook. LINK
Meanwhile, in past one-month, post April-June, 2016 (Q1FY17) results the stock outperformed the market by surging 13%, as compared to 1.4% rise in the S&P BSE Sensex.
At 10:33 am, the stock was up 1.7% at Rs 3,937 on the BSE, against 0.05% decline in the benchmark index. A combined 118,086 shares changed hands on the counter on the BSE and NSE.