Cement producer Kesoram Industries is searching for bids Monday for as a lot as ₹1,604 crore ($221 million) of notes that matures in February 2026, based on folks with information of the matter, who requested to not be recognized. The proposed securities are rated D by Crisil and carry a coupon that will increase in phases the longer they’re excellent, the folks mentioned.

Kesoram Industries defaulted on debt final 12 months and the corporate’s funds have worsened amid intense competitors within the cement enterprise. The Kolkata-based firm, whose historical past dates again over 100 years, this month allotted fairness shares and choice securities to 10 collectors as a part of its plan to restructure its debt.

In India’s company bond market, state-owned issuers or corporations which have excessive rankings usually dominate debt choices.

Proceeds from Kesoram Industries planed providing might be utilized in half to repay present loans and overdue liabilities. The corporate hadn’t complied with sure monetary covenants and defaulted on ₹4,600 crore of debt as of Dec. 31, the corporate mentioned in a press release final month.