HeidelbergCement India likely to raise more funds

HeidelbergCement India’s board will meet to consider raising INR3.7bn (US$59.5m) by issuing non-convertible debentures (NCDs) on private placement basis. “... a meeting of the board of directors of the Company will be held on 16 December 2013, inter alia, to consider issuance and allotment of the debentures aggregating to INR3.7bn,” the company said.

It was planning to issue Indian rupee-denominated, rated, listed, unsecured, redeemable NCDs aggregating to INR3.7bn on private placement basis.

HeidelbergCement India intends to treble cement-making capacity in India to 15Mta in 3-4 years through inorganic and organic routes involving investments of over INR80bn (US$1.28bn). It currently has 5.4Mta of capacity in India. The company entered into Indian market in 2006 with the acquisition of majority stake in Mysore Cements.