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CHAPTER 1

INTRODUCTION
The concept of COST OF CAPITAL is very important in financial management. It is weighted
average cost of various sources of finance used by a firm may be in form of debentures,
preference share capital, retained earning and equity share capital.
A decision to invest in a particular project depend upon the cost of capital of the firm or the cut
off rate which is minimum rate of return expected by the investors.
When a firm is not able to achieve cut off rate, the market value of share will fall. Infact, cost of
capital is minimum rate of return expected by its investors.
Every firm have different types of goals or objectives such as profit maximization, cost
minimization, wealth maximization and maximum market share. If a firm have main objective is
wealth maximisation then that firm earn a rate of return more than its cost of capital.
The Cost of capital is the rate of return the firm requires from investment in order to increase
the value of firm in market place.-Hampton John J.
Meaning of cost of capital :

Cost of capital is not a cost as such.

It is minimum rate of return.

It included three components risk involves in every investment.

(a)

The expected normal rate of return at zero risk level, example investment in banks.

(b)

The premium for business risk.

(c)

The premium for financial risk on account of pattern of capital structure.

SIGNIFICANCE OF THE COST OF CAPITAL


It is very important concept of financial management. It play a crucial role in both capital
budgeting as well as decision relating to planning of capital structure. It is helpful to evaluate the
performance of a firm.

As a acceptance criterion in capital budgeting.

As a determinant of capital mix in capital structure.

Evaluate the performance of firm.

Other decision :
(a)

Dividend policy.

(b)

Capitalization of profit.

(c)

Making right issue and working capital.

(d)

Leasing decision.

PROBLEM IN DETERMINATING OF COST OF CAPITAL

Determination of cost of capital of a firm is not a easy task because of both


conceptual problem as well as uncertainties of proposed investment and the pattern of financing.

Conceptual controversies regarding the relationship between cost of capital and the
capital structure.

Histories cost and future cost.

Problem in computation of cost of capital.

Problem in computation of retained earning.

Problem in assigning weights.

COMPUTATION OF COST OF CAPITAL

Computation of overall cost of capital of a firm involves :

Computation of cost specific source of finance.


Computation of weighted average cost of capital.

COMPUTATION OF COST SPECIFIC SOURCE OF FINANCE :


Computation of each specific source of finance viz. debt, preference share capital, equity
share capital and retained earning.

Cost of debt. capital.

Cost of preference share capital.

Cost of equity share capital.

Cost of retained earning.

COMPUTATION OF WEIGHTED AVERAGE COST OF CAPITAL


Weighted average cost of capital is average cost of various sources of financing.
Weighted average cost of capital is known as composite cost of capital, overall cost of capital or
average cost of capital.

The project mainly deals with the Cost of Capital for Grasim Industries Limited.
Capital is basic need of business for smooth running in market. Without capital any business
never success in market. Every firm have limited source of finance so firm takes help of outside
finance. Capital may be in the form of debentures, equity share capital and retained earning.
The project of cost of capital has been done to know cost of various source of finance such as
cost of debentures, cost of equity, cost of retained earning of Grasim Industries Limited

CHAPTER 2
PROFILE OF GRASIM INDUSTRIES LTD

GRASIM INDUSTRIES LIMITED Incorporated on 25 August 1947 in the state of


Madhya Pradesh, Grasim Industries Limited commenced operations in 1948 in Gwalior with a
small Rayon weaving unit using imported rayon in 1954 Grasim quickly set its focus on the
production of rayon i.e. a man made cellulose fiber.
The company strengthened its position. in rayon in a cost-effective manner through
horizontal and vertical integration. Developing indigenously the expertise for producing basic
raw material-pulp, auxiliary chemicals and engineering for plant and equipment.
Alongside Grasim diversified into other core sectors-cement and sponge iron-to emerges
as one of the countries leading industrial conglomerates, committed to keep pace with India's
much forward.
To strengthen its position in cement, in 1998-99 Grasim acquired the Dharani cement
additionally following the consolidation of the Aditya Birla Groups cement, businesses, Indian
rayon's cement businesses was transferred to Grasim. With this, Grasim's aggregate cement
capacity rises to 10.83 million tones, making it India's third largest producers.

Grasim has a leadership position in all key businesses


1.

Viscose staple fiber :- India's largest producers

2.

Rayon Grade Wool Pulp - Largest producer in India.

3.

Caustic Soda - Largest Single Location Membrance Cell Plant, Second Largest Producer
in India.

4.

Cement - Largest Producer in India.

Gas Based Sponge Iron :- Third Largest Producer in India.

With captive power facility at all its locations, the company has ensured reliable and economic
power supply for its units.
THE ADITYA VIKRAM BIRLA GROUP OF COMPANIES

Grasim Industries Limited

Alexandra Carbon Black Company

Bihar Caustic and Chemicals Limited

Bina Power Supply Company Limited

Birla Capital International AMC Limited

Birla Communication Limited

Birla Global Finance Limited

Birla Telecom Limited

Century Textile Company Limited

Hindalco Industries Limited

Hindustan Gas and Industries Limited

Indian Rayon and Industries Limited

Indogulf Fertilizers and Chemicals Corporation Limited

Essel Mining and Industries Limited

Indo Phil Textiles Mills Inc.

Indo Thai Synthetic Co. Limited

Kerala Spinners Co. Limited

Pan Century Edible Oils Sdn. Bhd.

Pan Century Oil Chemicals Sdn. Bhd.

P.T. Indo Bharat Rayon

P.T. Indo Liberty Textiles

Rosa Power Supply Company Limited

Tanfac Industries Limited

Thai Acrylic Fiber Company Limited

The Carbon Black Company Limited

Thai Epoxy and Allied Products Company Limited

Thai Organnic Chemicals Limited

Thai Peroxide Company Limited

Thai Polyphosphate and Chemicals Company Limited

Thai Rayon Company Limited

Thai Sodium Sulphaiders and Chemicals Co. Limited

Udyog Services Limited

Grasim Positioning :
The brand has been positioned on the fashion plank, as being young, dynamic and perennially
contemporary. The brand is focused on the customers belonging to the age group 25-45 years.
Fashion in the context Grasim Persons is a personal statement. It is a statement that announces
the marriage of blending of both the Achievement and Youthfulness and Refinement and
Relaxation.
Road Ahead :
The brand has been repositioned as a result, of which there is a gap in the profile of the target
customer and the existing customer. The biggest challenge for the brand is to retain the existing
customer and to attract the new ones. Besides this the brand faces the threat of spurious goods by
the name Gwalior and hence needs to concentrate on educating the customer as to what the

original brand is. This is the only way by which it can prevent the customer and brand image
loss.
Graviera :
Graviera is a Rs. 80 crores brand that is into synthetic suiting in the popular segment. The brand
name was coined in the year 1976 as Graviera Grasim Gwalior.

CHAPTER 3
COST OF CAPITAL OF GRASIM INDUSTRIES LTD

COST OF DEBENTURE CAPITAL:

MEANING OF DEBENTURE :
Debt. is includes debt. stock, loans and other securities of a company whether constituting a
change on the assets of the company or not. Debt. is like as loan. A fix rate of interest payable on
debenture either company earn profit or not. Interest on debt. is liability on company.
Feature of Debenture :

A debt. is issued under the seal of company.

It contains a contract for repayment of principal sum of specific date.

Debt. is issued in form of certificate.

A debenture holders receive interest on his debt. at fix rate as mentioned in the certificate.

COST OF DEBT.
The cost of capital is the rate of interest payable on debt. The cost of debt. capital is measured as
the rate of discount which equates the value of post tax interest and principal repayment with the
net proceeds of debt. issue.

Before tax cost of capital.

After tax cost of capital.

BEFORE TAX COST OF DEBT. :

Kdb

I
= P

Kdb

= Before tax cost of debt.

= Interest

= Principal.

(Note : All figures in crores)

(For the year of 2006-07, 2007-08)


(GRASIM HAVE DIFFERENT TYPES & QUANTITY DEBT.)
XVII series non convertible debt.

I.

Cost of debt.

XXXI Series non convertible debt.

7.375
50

14.75%

II.

Cost of debt.

13.275
150

8.85%

9.70%

13.5%

12.6%

10.75%

10.75%

10.10%

XXIX Series non convertible debt.

III.

Cost of debt.

4.85
50

XXI Series non convertible debt.

IV.

Cost of debt.

20.25
150

XXIII Series non convertible debt.

V.

Cost of debt.

16.38
130

XXVI Series non convertible debt.

VI.

Cost of debt.

12.9
120

XXVIII Series non convertible debt.

VI.

Cost of debt.

12.9
120

XXVI Series non convertible debt.

VII.

Cost of debt.

XIX Series non convertible debt.

7.575
75

VIII.

Cost of debt.

7.25
50

14.5%

11.25%

XXVII Series non convertible debt.

IX.

Cost of debt.

6.75
60

Conclusion : XXXI series non convertible debenture have less cost than other series
debentures.

AFTER TAX COST OF DEBT. :


Kda

= Kdb (1-t) or I/NP (1-t)

Kda

= After tax cost of debt.

= Rate of Interest

(Note : Tax rate 35%)

XIII

I.

Series non convertible debt.


7.375
50

(1-35%)

9.5875 or 9.59

XIX

II.

Series non convertible debt.


7.25
50

(1-35%)

9.425 or 9.43%

XXI Series non convertible debt.

III.

20.25
150

(1-35%)

8.77%

XXIII Series non convertible debt.

IV.

16.38
130

(1-35%)

8.19%

XXVI Series non convertible debt.

V.

12.9
120

(1-35%)

6.99%

XXVII Series non convertible debt.

VI.

6.75
60

(1-35%)

7.31%

XXVIII Series non convertible debt.

VII.

7.5785
75

(1-35%)

XXIX Series non convertible debt.

6.56%

VIII.

4.85
50

(1-35%)

6.30%

XXXI Series non convertible debt.

IX.

13.275
150

(1-35%)

5.75%.

CONCLUSION : When debt. is used in form of a source of a finance, the firm save
considerable amount in repayment of tax as interest is allowed as a deductable expenses in
computation of tax cost of debt. is reduced or after tax cost of debt. is minimum than before tax.

COST OF REDEEMABLE DEBT. :


Some debt. is issued to be redeemed after a certain period during the life time of a
company such types of debt. known as redeemable debt.

Before tax cost of debt.

After tax cost of debt.

BEFORE TAX COST OF DEBT.


I 1 / n p np
p np

Kdb

Interest

Proceeds at par.

Np

Net proceeds.

Number of year in which debt. is to be redeemed.

(For the year 2006-07)


XVIII

Series non convertible debt.

(redeemable at par in three annual instalments)


7.375 i / i 50 50
50 50

I.

Kdb

XIX

Series non convertible debt.

14.75%

14.5%

10.75%

(redeemable at par in three annual installments)


7.25 i / i 50 50
50 50

II.

Kdb

XXVI Series non convertible debt.


12.9 120 120
120 120

III.

Kdb

XXVII Series non convertible debt.


6.75 1 / 6 60 60
60 60

IV.

Kdb

XXVIII

11.25%

10.10%

9.70%

Series non convertible debt.


7.575 1 / 4 75 75
75 75

V.

Kdb

XXIX

Series non convertible debt.


4.85 1 / 4 50 50
50 50

VI.

Kdb

AFTER TAX COST OF DEBT.

XVIII

Kda

Kdb (1-t)

Kdb

Before tax cost of debt.

tax rate

Series non convertible debt.

Kda

14.75 (1-35%)

XIX

Series non convertible debt.


14.5 (1-35%) =

XXVI

9.59%

9.43%

Series non convertible debt.


10.75 (1-35%)

6.99%

7.31%

XXVII Series non convertible debt.


11.25 (1-35%)

XXVIII Series non convertible debt.


10.10 (1-35%)
XXIX

6.56%

Series non convertible debt.


9.75 (1-35%) =

6.30%

(For the year 2007-08)


XVIII

Series non convertible debt.


7.375 1 / 1 50 50
50 50

VII.

Kdb

XIX

Series non convertible debt.

14.75%

7.25 i / i 50 50
50 50

VIII.

Kdb

XXVI

14.5%

10.75%

11.25%

10.10%

9.70%

Series non convertible debt.


12.9 1 / 4 120 120
120 120

IX.

Kdb

XXVII Series non convertible debt.


6.75 1 / 6 60 60
60 60

X.

Kdb

XXVIII

Series non convertible debt.


7.575 1 / 4 75 75
75 75

XI.

XXIX

Kdb

Series non convertible debt.


4.85 1 / 4 50 50
50 50

XII.

Kdb

Series short term Minor Linked Debentures :


XXXI

Series non convertible debt.

8.35 1 / 7 100 100


100 100

XIII.

Kdb

8.35%

8.20%

14%.

7.55%

6.75%

6.08%

XXXII Series non convertible debt.


4.1 1 / 5 50 50
50 50

XIV.

Kdb

XXXIII

Series non convertible debt.


7 1 / 5 50 50
50 50

XV.

Kdb

XXXIV

Series non convertible debt.


1.89 1 / 5 25 25
25 25

XVI. Kdb

XXXV Series non convertible debt.


6.75 1 / 7 100 100
100 100

XVII. Kdb

XXXVI

Series non convertible debt.


6.80 1 / 7 100 100
100 100

XVIII. Kdb

XXXII series non convertible debt. have less cost among all debt. company pay interest
@ 8.20% on XXXII series non convertible debt.

COST OF DEBENTURE REDEEMABLE IN INSTALMENTS :


Financial institutions generally require principal to be amortized in installments. A
company may also issue bond or debenture to bond or debenture to be redeemed periodically. In
such a case, principal amount is repaid each period instead of a lump sum at maturity and hence
cash flows each period include interest and principal. The amount of interest goes on decreasing
each period as it is calculated on the outstanding amount of debt.

Formula :
I1 P1
I P2
I Pn
2
n
1 Kd 1 1 Kd 2
1 Kd n

Vd

Vd

Present value of bond or debenture.

I1, I2 .... In

Annual interest in period 1,2 ......, and so on.

P1, P2 .... Pn =

Periodic payment of principal in period 1,2 ... and

so on.
N

Number of years to maturity.

Kd

Cost of debt. or required rate of return.

(For the year 2006-07, 2007-08)


XIII series non convertible debt.
(redeemable at par in three equal annual installments)

4.95 15 3.3 15 1.65 15

1 k d 1 1 k d 2 1 k d n
I.

45 =

12%.

XVI series non convertible debt.


(redeemable at par in three equal annual installments)

5.5 16.67 3.67 16.67 1.84 16.67

1 k d 1
1 k d 2
1 k d n
II.

50 =

= 12.2%

XVII series non convertible debt.


(redeemable at par in three equal annual installments)

9.35 28.34 6.23 28.34 3.12 28.34

1 k d 1
1 k d 2
1 k d n
III.

85 =

= 12.2%

XX series non convertible debt.


(redeemable at par in three equal annual installments of 35%, 35%
respectively)

and

30%

64.93 200 40.43 200 15.93 200

1 k d 1
1 k d 2
1 k d n
IV.

530 =

= 12.28%

XXVI series non convertible debt.


(redeemable at par in three equal annual installments)

31.8 80 21.2 80 10.6 80

1 k d 1
1 k d 2
1 k d n
V.

240 =

= 12.73%

XXIII series non convertible debt.


(redeemable at par in three equal annual installments of 33%, 33%

and

respectively)

49.14 130 32.76 130 16.38 130

1 k d 1
1 k d 2
1 k d n
VI.

390 =

= 12.52%

XXV series non convertible debt.


(redeemable at par in three equal annual installments)

13.26 40.19 8.81 40.19 4.423 40.19

1 k d 1
1 k d 2
1 k d n
VII.

120.59 =

(Series short term miner linked debt).

= 12.19%

34%

3.3 10 2.2 10 1.1 10

1 k d 1 1 k d 2 1 k d n
VIII.

30 =

= 12.56%

XIII

series non convertible debt have less cost than other debt.

Company only pay interest @ 12% p.a.

COST OF DEBT.

12.80%

12.73%

12.60%

12.56%

12.52%

12.40%
12.28%
12.20% 12.20%

12.20%

12.00%

12.19%

12.00%

11.80%

11.60%
Series Series Series Series Series Series Series Series
XIII
XVI
XVII
XX
XXVI
XXIII
XXV
XXVI

COST OF EQUITY SHARE CAPITAL:

Meaning Of Equity Share Capital


Equity share are those share which are paid dividend only when profit left after the preference
share holders. There will be no fixed rate of interest. If company not earn sufficient profit equity
share holders will received nothing. Equity share holders have voting rights.
KINDS OF SHARE CAPITAL :
(1)

Authorized or registered share capital.

(2)

Issued share capital.

(3)

Subscribed share capital.

(4)

Called up share capital.

(5)

Paid up share capital.

(6)

Reserve share capital.

COST OF EQUITY SHARE CAPITAL :


The cost of equity share capital is a function of the expected return by its
investors. The cost of equity capital is not the out-of-pocket cost using equity share capital as the
share holders are not paid dividend at a fixed rate every year. Payment of dividend is not a legal

binding. It may or may not be paid. But it does not mean that equity share capital is cost free
capital. Equity share holders is the owner of the company. Equity share is the part of capital of
company.
THERE ARE FOUR METHOD OF COMPUTATION OF COST OF EQUITY SHARE
CAPITAL :
1.

Dividend yield method or Dividend/Price ratio method

2.

Dividend yield plus growth in dividend method

3.

Earning yield method

4.

Realised yield method

DIVIDEND YIELD METHOD OR DIVIDEND/PRICE RATIO METHOD :


The cost of equity capital is the discount rate that equates the present value of expected
future dividend per share with the net proceeds or current market price of a share.
ASSUMPTIONS :
1.

Dividend rate of company unchanged.

2.

Risk in the company remains unchanged.

FORMULA :

D
NP

or

D
MP

Ke

Expected dividend per share

NP

Net proceeds

MP

Market price per share.

(Note : All the figures in crores).


(For the year 2006-07)
Dividend available for share holder
No. of equity share
Earning per share

Earning per share

Ke

81
9.2

= 9.01 Rs. per share.

9.01
524

= 1.72%

(For the year 2006-07)

Earning per share =

Ke

83
9.2

(For the year 2007-08)

= 9.02 per share.


9.02
524

= 1.72%

Earning per share =

103
9.16

Ke

= 11.25 Rs. per share.

11.25
524

= 2.14%

CONCLUSION :
Every year earning per share increase in 2006-07 EPS 9.01 Rs. and in 2007-08 EPS is
11.24 Rs. Cost of equity share also increase.
LIMITATIONS OF THIS METHOD :

It does not consider future earning or retained earning.

It does not consider capital gain.

This method suitable only when company has stable earning and stable dividend policy
over a period of time.

DIVIDEND YIELD PLUS GROWTH IN DIVIDEND METHOD :


This method used when the growth rate and dividend rate constant. According this
method the cost of equity capital is based on the dividend and the growth rate.
Formula :

D1
NP

Ke

+G

D1

Dividend.

Ke

Cost of equity capital.

NP

Net proceeds per price.

Growth rate.

(Grasim have not issued share on discount, premium)


D1
NP

Ke

+G

Ke

Cost of equity capital.

MP

Market price of share

Growth rate

(For the year 2006-07)

Ke

(For the year 2007-08)

9.01
524

+ 12% = 13.72%

Ke

9.02
524

+ 12% = 13.72%

(For the year 2008-09)

Ke

11.25
524

+ 12% = 14.14%

Earning Yield Method :


Earning per share
Market price per share
Ke

=
EPS
MP

(For the year 2006-07)


Dividend available for share holder
No. of equity share
Earning per share

Earning per share

Ke

81
9.2

9.01
524

= Rs. 9.01 Rs. per share.

= 1.72%

(For the year 2007-08)

Ke

9.02
524

= 1.72%

(For the year 2008-09)


EPS

Ke

103/9.16 = 11.25 Rs. Per Share.


11.25
524

= 2.15%

USE OF THIS METHOD :

Earning per share are expected to remain constant.

Companys pay-out-ratio is 100% or when retention ratio is zero or

available profits distribute as dividend.

all

REALISED METHOD :
All Ist three method have some drawbacks regarding future dividend and earning. It is
not possible to estimate future dividend and earning correctly, both of these depend upon the
many uncertain factors. This method remove all drawbacks of 1st three method. In this method
calculate actual average rate of return realised in the past, dividend received in past along with
the gain realized at the time of sale of shares should be considered.

COST OF PREFERENCE CAPITAL


MEANING OF PREFERENCE SHARE CAPITAL:
Preference share are those which carry the followings two right:
1)

Preference share holder have a right receive dividend at fixed rate before equity
shareholder.

2)

When company is wound up preference shareholders have a right to the return of capital
before that of equity share.

COST OF PREFERENCE CAPITAL :


A fixed rate of dividend is payable on preference shares. Dividend is payable at the discretion of
the Board of directors and there is no legal binding to pay dividend, yet it does not mean that
preference capital is cost free. In case dividends are not paid to preference shareholders, it will be
affect the fund raising capacity of the firm. Hence, dividend are usually paid regularly on
preference share except when there are no profits to pay dividends.
Formula of Calculation cost of Preference Capital :
D
P

Kp

Kp

Cost of Preference Capital

Annual Preference Dividend

Preference Share Capital

(Preference shares are issued at premium or discount of floatation cost are incurred to issue
preference shares).

Kp

NP

D
P

Net Proceeds

Some times Redeemable preference share are issued which can be redeemed or
cancelled on maturity date. The cost of redeemable preference share capital can be calculated
following formula :D MV - NP / n
1 / 2 MV NP

Kpr

Kpr

Cost of redeemable Preference Shares

Annual Preference Dividend.

MV

Maturity value of preference shares

NP

Net Proceeds of Preference shares.

(There is no preference share issued by Grasim Industries Ltd.)

COST OF RETAINED EARNING

MEANING OF RETAINED EARNING:


Retained earning those earning which is not distribute among shareholders. Company retained
earning for the contingency works, other works. Main purpose of retained earning is for
smoothing running the business in future and fulfill their needs.

Kr

D
NP

+G

After Tax
D
NP

Kr

+ G. (1-t) . (1-b)

=
Cost of purchasing new securities or brokerage
costs.
or

Kr

Ke (1-t) . (1-b)

(For the year 2006-07)


Kr

13.72% (1 - .35) (1-0) = 8.92%

(For the year 2007-08)


Kr

13.72% (1 - .35) (1-0) = 8.92%

(For the year 2008-09)


Kr

14.14% (1 - .35) (1-0) = 9.19%

(Grasim Industries have not issued the share on discount or premium)

COMPUTATION OF WEIGHTED AVERAGE CAPITAL

MEANING OF WEIGHTED AVERAGE COST OF CAPITAL:

It is also known as composite cost of capital. In this method weights are provide
to specific cost of capital in proportion of various sources of funds source. The weights may be

given either by using the book value or market value of the source. If there are differences
between both then difference case weighted average cost of capital.
LIMITATIONS :
It is difficult to determine the market value because frequent fluctuations.
FORMULA :
XW
W

Kw

Weight, proportion of specific source of finance.

Cost of specific source of finance.

CHAPTER 4
FINDINGS , SUGGESTIONS & CONCLUSIONS

Companys gross profit is good.

Company must increase its exports as it has become more effective and catchy.

Company should make their profitability investment policies which gave more profits.

Company should give prefer to low rate loans such as bank loan. Not be issued high rate
of debentures.

Company should be issued preference shares.

Company should not be distributed all amount along shareholders some part of profit
made reserve or keep for contingency.

As far as cost of equity share capital is concerned I had found its satisfactory, but
company should try to keep low rate of debentures.

CONCLUSIONS

Cost of capital is a long term decision. It is very important task for any company because more
capital of company involved in long term decision. A company takes wrong decision regarding
long term decision. Company should bear more loss on that type decision.

After Cost of Capital with Grasim Industries Limited the conclusion that the firm is
going successfully running.

The earning per share of Grasim Industries Limited increase. In 2006-07 EPS was 27
Rs. and in 2008-09 EPS is 59 Rs.

The cost of debentures is less than cost of equity capital. In 2008-09 cost of different
types debt. b/w 12% to 12.73% (red. in installments) and cost of equity capital is 14.14%
in 2008-09.

The dividend per share also increasing. In 2007-08 DPS was 8 Rs. and in 2008-09
dividend per share 10 Rs.

Number of debentures also increasing. In 2007-08 debentures was 1263.53 crores Rs.
now it is 1398.54 Crores Rs.

Last five years equity share capital same. No new share issued in market.

BIBLIOGRAPHY

BOOKS :
1.

Gupta Sashik. (2005) COST OF CAPITAL, FINANCIAL ANALYSIS, Page No.


(17.1 to 17.30)

2.

Chandra

Prasanna

(1997)

THE

COST

OF

CAPITAL,

FINANCIAL

COST

OF

CAPITAL,

FINANCIAL

MANAGEMENT, Page No. (163-189).


3.

Khan

M.Y.

&

Jain

P.K.

(2000)

MANAGEMENT, Page No. (7.1 to 7.58).

ANNUAL REPORT OF GRASIM INDUSTRIES LIMITED

(Year 2006-07)

(Year 2007-08)

(Year 2008-09)

WEBSITES :
www.google.com/search/cost of capital
www.wiki.com
www.grasim.com