Heidelberg Cement to raise Rs 370 cr via NCDs

By issuing non-convertible debentures on private placement basis, Heidelberg Cement India plans to raise Rs 370 crore. The company said in a Bombay Stock Exchange (BSE) filing on November 28 that it has 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. The company had recently said it plans to treble its capacity in India to 15 mtpa in three-four years through inorganic and organic routes involving over Rs 8,000-crore investment. It has 5.4 mtpa capacity now. Heidelberg Cement had entered into Indian market in 2006 with the acquisition of majority stake in Mysore Cements.