30 MAY 2013Livemint.com
Hindalco seeks USD 890 million to clear debt
Edited by : AL CIRCLE
1 min read
Hindalco Industries Ltd, India’s second-biggest aluminum producer, plans to raise about $890 million to refinance debt, said two people familiar with the matter.
The company is looking to raise USD 356 million selling bonds and draw USD.534 million through loans to repay high-cost borrowings at unit Utkal Alumina International Ltd, the people said, asking not to be identified as they aren’t allowed to speak to the media. State Bank of India, the nation’s largest lender, may be one of the main bankers, the people said.
Refinancing debt will help Hindalco to lower its interest costs at the unit, one of the people said.
Group debt rose 37% to USD 10 billion as of 31 March, according to Bloomberg calculations, after capital expenditure to complete projects in India and overseas increased.
The company is looking to raise USD 356 million selling bonds and draw USD.534 million through loans to repay high-cost borrowings at unit Utkal Alumina International Ltd, the people said, asking not to be identified as they aren’t allowed to speak to the media. State Bank of India, the nation’s largest lender, may be one of the main bankers, the people said.
Refinancing debt will help Hindalco to lower its interest costs at the unit, one of the people said.
Group debt rose 37% to USD 10 billion as of 31 March, according to Bloomberg calculations, after capital expenditure to complete projects in India and overseas increased.
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