UltraTech Cement plans to raise up to USD 400 mn by way of bond issue

UltraTech Cement announced that the Finance Committee at its meeting held on 03 February 2021 approved raising funds by way of issuance of foreign currency (USD) denominated bonds (Notes) aggregating up to USD 400 million, corresponding to Rs.3,000 crore, to be offered and sold within the United States to qualified institutional buyers in one or more tranches.

The proceeds from the issuance will be used by the Company to refinance existing rupee debt with the remainder reserved for regular ongoing capital expenditure requirements and general corporate purposes.

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