Auto component maker Minda Industries on Friday said it has raised Rs 50 crore through issuance of commercial papers.
“Minda Industries has issued the commercial paper of Rs 50 crore with allotment date June 17, 2021, and due for maturity on August 11, 2021,” the company said in a regulatory filing.
Minda Industries said this is in line with the management’s efforts to bring down the finance cost.
Last month, Minda Industries said its board has approved the acquisition of a 27.55 per cent stake in CSE Dakshina Solar for Rs 27 lakh.
The acquisition is for availing solar power from CSE Dakshina for the company’s units in Tamil Nadu.
CSE Dakshina, a special purpose vehicle, is engaged in the business of providing solar power solutions for the captive consumption of commercial and industrial customers in India. It was incorporated in 2019. The company is in the process of setting up the project.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.