Udaipur to raise funds through NCDs

India’s Udaipur Cement Works Ltd has announced that it will raise INR3500m (US$43.2m) in a private placement of non-convertible debentures (NCDs). The proposed date of allotment for 3500 NCDs with a face value of INR1m (US$12,356) each is 7 October 2022, with a maturity date of 16 March 2025. According to The Hindu Business Line, the initial coupon rate will be 7.45 per cent per annum. 

Udaipur Cement Works currently runs a 2.2Mta cement works in Udaipur, Rajasthan. The company, a subsidiary of JK Lakshmi Cement Ltd, has announced the expansion of the plant with an additional line of 1.5Mta clinker capacity and 2.5Mta cement capacity. When the project is completed, expected in about two years' time, total clinker and cement capacities at the plant will reach 3Mta and 4.7Mta, respectively.