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Uttam Galva exploring options to reduce debt
Staff Correspondent
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The board of directors will meet on May 20
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MUMBAI:
Uttam Galva Steels, a leading galvanised steel producer, is exploring various finance options to reduce its long term finance costs. The options are: debt, quasi-debt and equity and could include external commercial borrowings, Foreign Currency Convertible Bonds, American Depository Receipts or Global Depository Receipts.
Ankit Miglani, Director, said, "We are exploring the idea of reducing our long term debt interest rate from the current average of 8.5 per cent by 200-250 basis points. The company is seeking the board's sanction for $60 million to reduce our long term finance costs."
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