How much money did Evonith Steel raise?

Evonith Steel raised ₹2,000 crore from the markets.

How will Evonith Steel use the ₹2,000 crore funding?

The funds will be used to refinance existing borrowings and support growth plans, with ₹1,750 crore for debt reduction and ₹250 crore for project completion and new lines.

What are Evonith Steel's expansion plans?

Expansion includes completing a Ductile Iron pipes project and increasing coated steel production capacity, along with venturing into high-quality long products and adding a billet caster.

Home / Business and Economy / Evonith Steel Secures ₹2,000 Cr for Debt Refinancing

Evonith Steel Secures ₹2,000 Cr for Debt Refinancing

19 Apr

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Summary

₹2,000 crore raised to refinance debt and fund growth plans.
₹1,750 crore used for debt reduction, ₹250 crore for expansion.
Capacity expansion includes DI pipes and enhanced coated steel production.

Evonith Steel Secures ₹2,000 Cr for Debt Refinancing

Evonith Steel has secured a significant ₹2,000 crore through market fundraising, primarily aimed at refinancing existing borrowings and supporting its ambitious growth plans. A substantial ₹1,750 crore of these funds will be dedicated to reducing overall debt, thereby improving the company's capital structure by lowering borrowing costs and extending repayment periods.

The remaining ₹250 crore is earmarked for the completion of ongoing projects and the addition of new production lines. This includes expanding its Ductile Iron (DI) pipe capacity to 0.3 million tonne per annum in Maharashtra and increasing coated steel production from 0.3 MTPA to 0.6 MTPA. Furthermore, Evonith Steel is venturing into high-quality long products with the addition of a 0.5 MTPA billet caster.