Heidelberg Cement India plans to raise Rs 370 crore by issuing non-convertible debentures on private placement basis.
"... Subject to receipt of various approvals, planning to offer and issue Indian rupee denominated, rated, listed, unsecured, redeemable, non-convertible debentures aggregating to INR 3700 million, on private placement basis, to its non-resident parent/ group company (ies), which qualify as Qualified Foreign Investors (QFIs)...," the company said in a BSE filing today.
Heidelberg Cement India had appointed India Ratings and Research, a Fitch group company, as the credit rating agency for the purpose of obtaining credit rating in view of the proposed issue of debentures.
India Ratings and Research has assigned long-term issuer rating "Ind AA-" to the company with stable outlook. The rating indicates the high degree of safety regarding timely servicing of financial obligations and very low credit risk.
Heidelberg Cement India recently said it plans to treble its capacity in India to 15 mtpa in three-four years through inorganic and organic routes involving over Rs 8,000-crore investment. It has 5.4 mtpa capacity now.
Heidelberg Cement had entered into Indian market in 2006 with the acquisition of majority stake in Mysore Cements.
