Heidelberg Cement gets nod to raise Rs 2,000 cr
Heidelberg said in a Bombay Stock Exchange (BSE) filing that its shareholders have approved the raising of funds up to Rs 2,000 crore through borrowings at its annual general meeting. The company's shareholders have delegated to its Board the authority for borrowing from time to time, as it may think fit, any sum or sums of money not exceeding Rs 20,000 million on such security and on such terms and conditions as the Board may deem fit, including the borrowings in foreign currency equivalent to Rs 20,000 million through External Commercial Borrowings (ECBs). The company recently decided to sell its 0.6 mtpa cement grinding facility in Raigad to the JSW Group. The sale of the unit is in line with its philosophy of divesting less strategic assets with lower margins and focusing on more strategic and key operations in central India.