HeidelbergCement India plans to raise INR3.7bn (US$59.4m) by issuing non-convertible debentures on private placement basis.
     
"... subject to receipt of various approvals, planning to offer and issue Indian rupee denominated, rated, listed, unsecured, redeemable, non-convertible debentures aggregating to INR3700m, on private placement basis, to its non-resident parent/ group company (ies), which qualify as Qualified Foreign Investors (QFIs)...," the company said in a BSE filing.
     
Heidelberg Cement India had appointed India Ratings and Research, a Fitch group company, as the credit rating agency for the purpose of obtaining credit rating in view of the proposed issue of debentures.
     
India Ratings and Research has assigned long-term issuer rating "Ind AA-" to the company with stable outlook. The rating indicates the high degree of safety regarding timely servicing of financial obligations and very low credit risk.