India's Ramco Cements likely to tap bond market to raise up to 5 bln rupees - bankers

Ramco Cements

23/03/2023 06:49

By Bhakti Tambe
       MUMBAI, March 23 (Reuters) - India's Ramco Cements Ltd
 TRCE.NS  is likely to raise up to 5 billion rupees (nearly $61
million) through multiple maturity bonds, returning to the bond
market after a year, three merchant bankers said on Thursday.
    The cement manufacturing company is likely to invite bids
for the proposed bond issue next week, they added.
    Ramco is planning to raise 1.5 billion rupees each through
bonds maturing in four years, and four years and six months. It
also plans to raise 2 billion rupees through five-year bonds,
according to the bankers.
    The company is yet to announce the bond sale and did not
immediately respond to a Reuters request for comment.
    Ramco last tapped the bond market in March 2022, when it
raised 1.5 billion rupees via five-year bonds at a coupon of
6.90% and 1.5 billion rupees through bonds maturing in four
years and 9 months at a 6.90% coupon.
    The company's current outstanding bonds are rated AA+ by
ICRA.
 
 ($1 = 82.1550 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Savio D'Souza)
 ((Bhakti.Tambe@thomsonreuters.com; Reuters Messaging:
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: https://twitter.com/TambeBhakti))