 "Cavendish sale helps Kesoram post profit in Q1")
BK Birla Group company, Kesoram
Industries Ltd, on Tuesday said that it has completed raising close to Rs 2,063 crore through NCDs and OCDs to a private placement.
This is apart from debt resolution with the bankers carried out recently where the ailing cement maker converted Rs 144 crore loan into equity, and also issued zero coupon optionally convertible redeemable preference shares to a loan of Rs 449 crore.
The company informed bourses that it has also raised Rs 1,603 crore via NCDs with maturity in February 2026, and optionally convertible debentures amounting to Rs 459 crore.
The yield is in excess of 20 per cent for NCDs and the proposed securities are rated D by Crisil.
The restructuring is expected to ease the liquidity for the company and help turnaround but may prove costly to the management if the company fails to generate enough cash flow from operations.
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