Usha Martin has raised $125 million through external commercial borrowing to part finance its expansion activities
Steel wire rope manufacturer Usha Martin said it has raised $125 million through external commercial borrowing (ECB) to part finance its expansion activities.
"The company has arranged $125 million via ECB from State Bank of India as sole mandated lead arranger and bookrunner with DBS Bank, State Bank of India (Canada) and The Bank of Tokyo-Mitsubishi UFJ as other participating lenders," the company said in a filing to the Bombay Stock Exchange (BSE).
It added that the money will be used to part finance its capital expenditure of Rs1,200 crore to strengthen its cost competitiveness in steel business and maintaining global leadership position in the wire and wire rope industry.
In January also, the company had raised Rs468.15 crore by selling 54.5 million shares to financial institutions at Rs85.90 each.
According to the company website, the Rs3,000 crore group is expanding its business to iron ore and coal mines, sinter plant, pellet plant, power plants, while also enhancing its steel making and value added products capacity.
On Friday, Usha Martin ended 5.46% up at Rs59.90 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.53% to 18,815.64.
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