Industry

Hindalco to raise ₹6,000 crore

Hindalco Industries will seek shareholders’ approval for the issue of non-convertible debentures (NCDs) on private placement basis aggregating ₹6,000 crore at its annual general meeting next week. The raising of debt is to augment resources for the ongoing capital expenditure, repayment of loans, and for general corporate purposes, said its annual report.

“To bolster the balance sheet, the company has prepaid about ₹8,000 crore of long-term project loans in India. This has led to a significant improvement in the consolidated net debt to EBITDA at below three times at the end of March 2018,” Hindalco chairman K.M. Birla said.

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Printable version | Apr 5, 2020 8:10:29 PM | https://www.thehindu.com/business/Industry/hindalco-to-raise-6000-crore/article24962115.ece

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