New Delhi: Ultratech Cement plans to raise up to Rs 9,000 crore through private placement for repayment of existing loans and capital expenditure.
The Aditya Birla Group firm will seek shareholders' nod to raise the capital at its Annual General Meeting scheduled next month.
"In order to augment resources for...Ongoing capital expenditure and/or repayment/prepayment of existing loans and/ or for general corporate purposes, the company may offer or invite subscription for secured/unsecured redeemable NCDs, in one or more series/tranches on private placement basis, issuable/redeemable at discount/par/premium," it said.
The company is seeking shareholders approval to raise money through a special resolution, it said in a BSE filing.
Accordingly, the approval of members is being sought by way of a special resolution...Authorising Board of Directors of the company to issue up to an amount not exceeding Rs 9,000 crore on a private placement basis..., it added.
Ultratech Cement had reported 6 per cent fall in its consolidated net profit at Rs 591 crore for the first quarter ended June 30 2015, against Rs 628 crore a year-ago.
Consolidated net sales rose by 6 per cent to Rs 6,372 crore in April-June quarter of 2015-16, from Rs 5,989 crore in the same quarter of 2014-15 fiscal.
Shares of the company rose by 0.13 per cent to Rs 3155.50 apiece in the afternoon trade at the BSE.