The Ramco Cements Limited - Updates on Issue of Debentures

The Ramco Cements Ltd has informed BSE that the Board of Directors, at the meeting held on August 05, 2015, have passed a resolution approving the Company's proposal to issue Secured Redeemable Non-Convertible Debentures up to a maximum of Rs. 300 crores. Accordingly; 8.55% per annum Secured Redeemable Non-Convertible Debentures for Rs. 300 crores were issued and allotted on October 30, 2015. The Debentures were listed on BSE Limited. The proceeds of this issue were applied to pre-pay the term loans running at higher interest rates, ranging from 9.65% to 10% per annum.<BR><BR>Further, the Board of Directors at the meeting held on November 06, 2015, have passed a resolution approving Company's proposal to issue Secured Redeemable Non-Convertible Debentures up to a maximum of Rs. 200 crores. Accordingly, 8.70% per annum Secured Redeemable Non-Convertible Debentures for Rs. 200 crores were issued and allotted on January 20, 2016. The in-principle approval for listing of these debentures on stock exchange has been obtained and the final approval for listing and trading is under process. The proceeds of this issue were applied to pre-pay the term loans running at higher interest rates, ranging from 9.20% to 9.55% per annum.