Kolkata-based Shree Cement Ltd took a significant step on Monday by unveiling its intention to raise up to Rs 700 crore through a private placement of non-convertible debentures (NCDs). The company, in an official statement, revealed that the initial offering size would stand at Rs 350 crore while maintaining the flexibility to accommodate an additional Rs 350 crore in oversubscription.
Kolkata, India – Shree Cement Ltd, headquartered in Kolkata, has announced its strategic move to secure funds amounting to Rs 700 crore through non-convertible debentures (NCD). The company’s decision was made public through an exchange filing, demonstrating its commitment to growth and expansion.
“In accordance with our prior communication dated 19th September 2023 and pursuant to Regulation 30(2) of the Sebi (Listing Obligations and Disclosure Requirements), Regulations, 2015, in conjunction with Para A of Part A of Schedule III of the Regulations, we wish to inform our stakeholders that the ‘NCD Committee’ of the Board of Directors has given the green light for the issuance of secured, rated, redeemable, taxable, non-convertible debentures. These debentures will have a base issue size of Rs 350 crore, with the option to retain oversubscription up to Rs 350 crore, culminating in a total issue size of up to Rs 700 crore on a private placement basis. This offering is exclusively available to eligible investors in compliance with applicable laws,” the filing stated.
Shree Cement Ltd initially disclosed its intention to leverage NCDs for fundraising purposes on September 19.
This strategic move aligns with the company’s broader vision of realizing its Rs 7,000-crore capital expenditure plan in the upcoming growth phase. As part of this ambitious plan, the company aims to bolster its production capacity by an impressive 12 million tonnes. Shree Cement Ltd has underscored its commitment to expansion, with a specific focus on regions such as Rajasthan and Maharashtra.
About Shree Cement:
Shree Cement, established in 1979 in Beawar, Rajasthan, is a prominent Indian cement manufacturer. Presently based in Kolkata, it stands as a major player in the cement industry of Northern India.
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