HeidelbergCement India Ltd to issue Non-Convertible Debentures aggregating Rs. 370 crore

HeidelbergCement India Ltd is planning to offer and issue INR denominated, rated, listed, unsecured, redeemable, non-convertible debentures (“Debentures”) aggregating to INR 3700 million, on private placement basis, to its non-resident parent/group company(ies), which qualify as Qualified Foreign Investors (QFIs), as permitted by various regulations, including the SEBI circulars, which specifically allow Indian companies to issue "to be listed" Non-Convertible Debentures to QFIs through private placement. The issue is subject to receipt of various regulatory and corporate approvals.

The Company had appointed India Ratings and Research Pvt. Ltd., (a Fitch Group Company) as the credit rating agency for the purpose of obtaining credit rating in view of the proposed issue of Debentures.

India Ratings and Research Pvt. Ltd., (credit rating agency) has assigned Long-Term Issuer rating "Ind AA-" to the Company (indicating the high degree of safety regarding timely servicing of financial obligations and very low credit risk) with stable outlook.

Shares of HeidelbergCement India Ltd was last trading in BSE at Rs.37.45, down by Rs.0.85 or 2.22%. The stock hit an intraday high of Rs.38.30 and low of Rs.37.05.

The total traded quantity was 0.55 lakhs as compared to 2 week average of 0.29 lakhs.

Source : Equity Bulls

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