After a series of acquisitions and browfield expansion, UltraTech Cement, an Aditya Birla Group company, plans to raise ₹5,000 crore through rupee-denominated bonds to bring down its borrowing cost.
The bonds have received the highest AAA credit rating from CRISIL, making them attractive to institutional investors such as mutual funds that prefer high-quality debt instruments.
The company currently has ₹3,500 crore of outstanding bonds, including ₹500 crore that is scheduled to mature within the next month.
Earlier this month, UltraTech Cement reported that its net profit was up 17 per cent year-on-year in the June quarter. The company said its scale and strong market position helped it manage higher fuel costs caused by geopolitical tensions in West Asia better than many smaller competitors.
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