Kesoram Industries has raised Rs 90 crore by allotting ninety lakh non-convertible preference shares to a promoter shareholder. The fund will help ease the liquidity condition of the cement maker. The face value of 'unlisted 5% non-convertible cumulative redeemable preference shares' is Rs 100 each and these shares are allotted at par on a private placement basis to Manav Investment and Trading Company, the promoter shareholder.
The company currently has an outstanding high-interest-bearing debt of around Rs 1,600 crore. The cement maker aims at bringing down the interest burden considerably by improving earnings before interest, taxes, depreciation, and amortisation (EBITDA) and replacing high-cost debt with low-interest-cost funds.
Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes.
Company Name | CMP |
---|---|
Ultratech Cement | 9399.10 |
ACC | 2405.85 |
Shree Cement | 24409.60 |
Ambuja Cement | 609.45 |
Dalmia Bharat | 1949.10 |
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