PTI reported that Steel Authority of India Limited announced plans to raise long term debt of INR 6,500 crore from various banks to fund its CAPEX plans for the current fiscal.
Mr SK Roongta chairman of SAIL on the sidelines of a CII function told reporters that “We will raise up to INR 6,500 crore from various investment banks this year. We have already raised INR 3,000 crore.”
He said that "The rate of interest, at which we are borrowing, is below 9%. Whatever debt we are raising will be used for funding CAPEX plans.”
SAIL has already declared a capital expenditure of INR 10,300 crore for the current fiscal.
Source From: http://www.steelguru.com/news/index/2009/07/28/MTA0MDYx/SAIL_to_raise_INR_6%252C500_crores_from_banks_for_CAPEX.html
Monday, July 27, 2009
SAIL to raise INR 6,500 crores from banks for CAPEX
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