A large cement manufacturer is in advanced discussions with two international financial institutions to raise up to ?500 crore through bonds, with each institution expected to invest ?250 crore. The bonds are likely to carry an interest rate above 15% and will be used for working capital requirements and capital expenditure, according to sources familiar with the matter.
The company had previously appointed financial and advisory firms to arrange the funding from various lenders, including private credit funds.
The cement manufacturer, as well as the financial institutions involved, did not respond to requests for comment.
Separately, another major cement sector entity recently announced plans to purchase more than 70 million shares of the company at up to ?267 per share. This non-controlling investment represents around 23% of the company’s total equity.
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