Nuvoco Vistas plans to raise ₹1,200 crore for Vadraj Cement buyout
Representative Image MUMBAI: Building materials company Nuvoco Vistas is planning to raise ₹1,200 crore through a structured funding arrangement to part-fund its ₹1,800 crore acquisition of Vadraj Cement. The money will be raised by issuing compulsory convertible debentures (CCD) and compulsory convertible preference shares (CCPS) in Vadraj after the completion of the acquisition and will replace the bridge facilities taken to fund the deal, people familiar with the matter said. These instruments offer a feature to convert debt into equity. “Out of this ₹1,800 crore of financing which we need to do upfront, we will take a long-term debt of…
