State-run trading firm MMTC today said it plans to raise up to Rs 250 crore through short term debt to meet working capital requirements.
"The fund will be used for meeting working capital requirements," a company official said.
In a notification posted on its website, the company said it would raise the fund in two trenches of Rs 100 crore and Rs 150 crore through issuance of commercial papers for 94 days and 89 days, respectively.
"MMTC, a miniratna PSU, proposes to raise short term funds through issue of commercial paper in two trenches in nature of issuance of promissory note in the unit of Rs 5 lakh each," the notification said, adding that the bidders should specify the discount rate.
MMTC has reported a turnover of Rs 45,118 crore for the financial year ended on March 31, 2010.
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