Mumbai: Gujarat Ambuja Cements Ltd (GACL) has received overwhelming response to its privately placed secured redeemable non-convertible debenture (NCD) issue. The issue opened on 12 July 2002 for an amount of Rs 25 crore with a green-shoe option of another Rs 25 crore.

The company received a total demand of Rs 170 crore from a wide spectrum of subscribers, ranging from banks, mutual funds and insurance companies. ABN Amro Securities (India) Pvt Ltd was the sole book-running arranger to the issue.

GACL general manager (treasury) Jayesh Doshi says the company exercised the green-shoe option and retained and allotted Rs 50 crore worth of NCD at the coupon rate of 8.10 per cent for five-year maturity, payable annually. The debentures carry a rating of Ind-AAA by Fitch Ratings (India) Pvt Ltd.

The response indicates the confidence the company enjoys with the investing community.