State-owned steel maker Rashtriya Ispat today said it may raise up to Rs 500 crore from domestic and overseas markets during the January-March quarter for meeting capital expenditure needs.
"We may raise something like Rs 500 crore in the fourth quarter of the current fiscal from Indian as well as overseas markets. This will be used for capex," RINL's Finance Director P Madhusudan told PTI.
The company had earlier projected Rs 1,800 crore capital expenditure for the current fiscal, but subsequently scaled it down to Rs 1,200 crore.
"We have already spent around Rs 600 crore on capex and the rest Rs 600 crore will be spent during the course of the remaining period of the current fiscal," he said.
RINL will use the fund for its ongoing expansion from 2.9 million tonnes per annum (mtpa) to 6.3 mtpa at its lone steel- making facility in Vizag. This is expected to be completed in the current fiscal.
RINL plans to raise funds having tenure of 3-5 years, Madhusudan said, adding that the company does not have any long-term debt but has Rs 3,000 crore short-term working capital loans.
The company, he said, would also raise additional debt in the first quarter of next fiscal depending on the prevailing rate of interests for meeting its capex plan for 2013-14 and subsequent years.
RINL has plans to increase its capacity further to 11 mtpa, but it is yet to get the Board approval.
The company, in recent times, tried in vain to get its share listed on the domestic bourses. The funds from the proposed initial public offering (IPO) are meant for the government coffers as part of its disinvestment plan.
"We may raise something like Rs 500 crore in the fourth quarter of the current fiscal from Indian as well as overseas markets. This will be used for capex," RINL's Finance Director P Madhusudan told PTI.
The company had earlier projected Rs 1,800 crore capital expenditure for the current fiscal, but subsequently scaled it down to Rs 1,200 crore.
"We have already spent around Rs 600 crore on capex and the rest Rs 600 crore will be spent during the course of the remaining period of the current fiscal," he said.
RINL will use the fund for its ongoing expansion from 2.9 million tonnes per annum (mtpa) to 6.3 mtpa at its lone steel- making facility in Vizag. This is expected to be completed in the current fiscal.
RINL plans to raise funds having tenure of 3-5 years, Madhusudan said, adding that the company does not have any long-term debt but has Rs 3,000 crore short-term working capital loans.
The company, he said, would also raise additional debt in the first quarter of next fiscal depending on the prevailing rate of interests for meeting its capex plan for 2013-14 and subsequent years.
RINL has plans to increase its capacity further to 11 mtpa, but it is yet to get the Board approval.
The company, in recent times, tried in vain to get its share listed on the domestic bourses. The funds from the proposed initial public offering (IPO) are meant for the government coffers as part of its disinvestment plan.
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