Mumbai: India Cements is in advanced talks with Bank of America (BofA) and Nomura to raise up to ₹500 crore of bonds, each investing ₹250 crore. The bond, which can be raised at a coupon of more than 15%, will be used to fund both working capital and capital expenditure, two sources familiar with the development said.
“India Cements is in advanced discussions with BofA and Nomura to raise debt by issuing bonds, which can be borrowed at 15%,” said a source.
India Cements has roped in ICICI Bank and EY to arrange debt from lenders including private credit funds, as reported earlier, and is in talks with lenders including private credit funds.
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India Cements could not be reached for comment. Nomura and BofA did not respond to requests for comment.
On Thursday, Ultratech Cements announced its plan to acquire over 70 million shares in India Cements. The deal was done at a price of up to ₹267 per share. This non-controlling investment is about 23% of India Cement’s equity share capital.
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