UltraTech Cement raises US$ 400 million through India’s first sustainability-linked bonds
UltraTech Cement, India’s largest producer of grey cement, white cement and ready-mix concrete, has successfully raised US$ 400 million in the form of sustainability-linked bonds. With this, UltraTech is now the first company in India and the second company in Asia to issue dollar-based sustainability linked bonds.
Under a Sustainability Performance target, the company aims to reduce 22.2% of carbon emissions for every ton of cementitious material it produces by March 31, 2030 from the levels of March 2017. This listing is a reaffirmation of UltraTech’s commitment to grow its business in a sustainable manner.
Listed on the Singapore Exchange Securities Trading, UltraTech’s sustainability linked bonds are also the first in Asia’s ‘144A/Reg S’ markets category. The Company’s sustainability linked fund-raising exercise received an overwhelming response, with an over-subscription of more than seven times, a first for an Indian company. The ten-year tenured dollar bonds are due in February 2031.
The Company intends to use the proceeds from these bonds to refinance existing rupee-denominated debt, ongoing capital expenditure requirements and general corporate purposes.
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