HeidelbergCement India mulls bond placement

HeidelbergCement India's board is considering raising INR370 crore by issuing non-convertible debentures (NCDs) on private placement basis.

In a filing to the Bombay Stock Exchange, HeidelbergCement India said: "... a meeting of the board of directors of the company will be held on December 16, 2013, inter alia, to consider issuance and allotment of the debentures aggregating to INR3700m."

It was planning to issue Indian rupee denominated, rated, listed, unsecured, redeemable NCDs aggregating to INR370 crore on private placement basis.

India Ratings and Research, which was appointed by the company for obtaining credit rating, has assigned long-term issuer rating "Ind AA-" to the company's proposed issue.