UltraTech Cement seeks shareholders approval for NCD issue, India

The board of UltraTech Cement Ltd has sought shareholder approval to raise up to INR90bn rupees via issue of non-convertible debentures (NCD) on a private placement basis, the company said in a release to the exchanges today.

The proceeds from the NCD issue will be used to finance ongoing capital expenditure, repay existing loans or for general corporate purposes.