Kesoram had successfully completed the refinancing of its high-cost debt, which amounted to nearly Rs 19 billion, resulting in a benefit of approximately 800 basis points in interest rates. In March 2021, the company had borrowed the sum from a group of investors in Non-Convertible Debentures (NCDs) and Optionally Convertible Debentures (OCDs) at an interest rate close to 19 percent. On the same day, the company declared the redemption of the entire outstanding NCD amount, totalling Rs 14.87 billion, before its maturity. Officials stated that OCDs had been redeemed earlier. Kesoram's whole-time director & CEO P Radhakrishnan informed PTI, The complete debt on our books has been refinanced. We secured refinancing of approximately Rs 15 billion from Tata Capital group and an additional Rs 3.5 billion from Hero Finance. He further added, Our average cost of debt has now decreased to nearly 11.25 percent from over 19 percent previously. This will result in a reduction in our interest burden by more than Rs 300 million on a quarterly basis, positively impacting our bottom line. In relation to the progress of the sale process of the cement business to UltraTech Cement, Radhakrishnan mentioned that although the effective date remains April 2024, he anticipates it will take some time to obtain all regulatory approvals. UltraTech Cement is set to acquire Kesoram Industries' cement business in an all-share deal valued at approximately Rs 76 billion, including debt. In this arrangement, Kesoram shareholders will receive one share of UltraTech Cement for every 52 Kesoram shares of Rs 10 each. Kesoram currently operates two integrated cement units in Sedam (Karnataka) and Basantnagar (Telangana) with a total installed capacity of 10.75 million metric tonnes per annum (MTPA), along with a 0.66 MTPA packing plant in Solapur, Maharashtra. In 2022-23, Kesoram's turnover from cement operations amounted to Rs 35.33 billion.