Debt financing
Steel maker Evonith raises Rs.2,000-Cr
Mumbai-based Evonith Steel has raised INR 1,750 crore in fresh debt from Standard Chartered, JP Morgan, IDFC First Bank, and other entities and INR 250 crore through Non-Convertible Debentures (NCDs) from HDFC Mutual Fund. JP Morgan India acted as the structuring advisor on the NCDs.Founded in 2022, Evonith Steel runs a manufacturing plant in Wardha in Maharashtra.The company plans to use INR 1,750 crore for debt reduction. The remaining INR 250 crore is earmarked for completing ongoing projects and integrating new production lines.
In Apr 2020, a joint consortium of Nithia Capital Resources and CarVal Investors acquired Uttam Galva Metallics for USD 207-M.For FY25, Evonith Steel had reported about INR 3,614.68 Cr in Operating Income and about INR 154 Cr in PAT
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