Grasim Raises Rs 100 Crore At 8.35 Per Cent

The Aditya Birla Group flagship Grasim Industries today raised Rs 100 crore seven-year money at a coupon of 8.35 per cent. The non-convertible debenture has been placed two foreign banks.

The instrument is carrying a put-and-call option after five years. In effect, Grasim has raised five-year money at 8.35 per cent. The paper has been rated AAA by CARE.

Deutsche Bank, the arranger for this issue, has kept Rs 50 crore in its own books, while the remaining part was picked up by Standard Chartered Bank.

According to market sources, there is a likely to be an increased corporate activity in the debt market.