The company said that 1,750 crore rupees was used for debt refinancing and 250 crore rupees was raised through issuance of non convertible debentures (NCD).
According to the company statement, the transaction aims to reduce borrowing costs, extend debt maturities and increase financial flexibility. In this context, the refinancing is expected to support the companys long term growth plans.
The transaction was arranged through syndication and underwritten by Standard Chartered and JPMorgan Chase. In addition, the 250 crore rupee unsecured bond financing was provided by HDFC Mutual Fund, while J.P. Morgan India acted as structuring advisor.
Evonith Steel Chairman of the Board Jai Saraf said that the financing strategy is aligned with long term objectives, noting that lower capital costs and extended maturities create a stronger base for operational efficiency and capacity expansion investments.
The company also announced that the financing raised in October 2024 has been fully repaid. It was stated that since the acquisition of the business in December 2020, improvements have been achieved in production, project management and profitability, while the company plans further investments to expand downstream operations and increase capacity across the value chain.
Director Rajib Guha highlighted that the refinancing transaction led to a significant decrease in financing costs, supported by efficient capital utilization and strong return performance.
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