MUMBAI: India Cements is in advanced talks with Bank of America (BofA) and Nomura to raise up to ₹500 crore in bonds, with each investing ₹250 crore. The bonds, which could be raised at more than a 15% coupon, will be used to fund both working capital and capital expenditure, said two sources aware of the development.
“India Cements is in advanced discussions with BofA and Nomura to raise the debt by issuing bonds, which could be borrowed at 15%,” said a source.
India Cements had mandated ICICI Bank and EY to arrange for the debt from lenders including private credit funds, as reported earlier and they have been in talks with lenders including private credit funds.
India Cements could not be reached for a comment. Nomura and BofA did not respond to requests for comment.
On Thursday, UltraTech Cements announced its plans to acquire more than 70 million shares in India Cements. The deal was struck at a price of up to ₹267 per share. This non-controlling investment constitutes around 23% of the equity share capital of India Cements.
