GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

SAIL to Raise $ 350 Million From Overseas Market

The money raised will be used by the steel maker to meet expenditure on capital schemes, including modernisation and expansion.

PTI

Updated:September 11, 2017, 10:30 PM IST
facebookTwittergoogleskypewhatsapp
SAIL to Raise $ 350 Million From Overseas Market
An advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi. Representative image. (Photo: Reuters)
New Delhi: Country's largest steel maker SAIL on Monday said it will raise $ 350 million from overseas market.

The company has entered into a pact with State Bank of India (SBI) for arranging the amount via external commercial borrowings (ECB).

In a statement, SAIL said it would raise $ 350 million and the borrowing would have a tenure of seven years.

The money raised will be used by the steel maker to meet expenditure on capital schemes, including modernisation and expansion.

"The ECB has been arranged by SBI from its Hong Kong Branch and would be utilised by SAIL towards meeting
expenditure on capital schemes including modernisation and expansion (MEP)," the statement said.

The PSU said it has reached the last leg of its modernisation plans.

"SAIL has tied the ECB at the lowest possible spread and the overall cost (on a fully hedged basis) would work out cheaper than that applicable coupon on term loans and bonds for similar period. This re-emphasises the lenders confidence in the credit worthiness of the company," it said. The ECB pact was signed today.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
SBI 335.30 +4.65 +1.41
HDFC Life 395.20 +9.90 +2.57
HDFC 1,718.15 +23.65 +1.40
Reliance 930.75 -1.80 -0.19
PNB 189.20 +2.90 +1.56
Company Price Change %Gain
HDFC Life 395.20 +9.70 +2.52
Thyrocare Techn 671.30 -6.55 -0.97
Tata Motors (D) 243.75 +0.10 +0.04
PNB 189.25 +3.10 +1.67
NTPC 181.70 -1.35 -0.74
Top Gainers
Company Price Change %Gain
Zee Entertain 562.05 +21.80 +4.04
Adani Ports 414.50 +13.70 +3.42
GAIL 469.05 +9.10 +1.98
UltraTechCement 4,230.40 +67.00 +1.61
Ambuja Cements 265.60 +3.95 +1.51
Company Price Change %Gain
Adani Ports 414.30 +13.10 +3.27
HDFC 1,718.30 +25.85 +1.53
BHEL 88.75 +1.25 +1.43
SBI 335.20 +4.45 +1.35
Asian Paints 1,176.10 +14.75 +1.27
Top Losers
Company Price Change %Gain
Tech Mahindra 482.60 -11.25 -2.28
Bajaj Finance 1,773.95 -35.80 -1.98
Bharti Infratel 376.45 -7.10 -1.85
Aurobindo Pharm 698.35 -10.50 -1.48
Hindalco 257.75 -3.70 -1.42
Company Price Change %Gain
Dr Reddys Labs 2,361.35 -29.50 -1.23
Axis Bank 540.00 -6.75 -1.23
Lupin 828.05 -9.65 -1.15
Bharti Airtel 498.70 -4.45 -0.88
NTPC 181.70 -1.35 -0.74

Live TV

File is:/article-scroll-new.php