MIDHANI issues CPs worth Rs 50 cr to Union Bank of India
Mishra Dhatu Nigam (MIDHANI) has raised Rs 50 crore by allotting commercial papers to Union Bank of India on a private placement basis.
MIDHANI has allotted 1,000 commercial papers (CPs) of face value Rs 5 lakh each and an issue price of Rs 4,95,540 each. The CPs hold tenure of 90 days. Credit rating agency CRISIL has rated the CPs at 'CRISIL A1+'.MIDHANI is one of the leading manufacturers of super alloys, titanium & titanium alloys, special purpose steels and other special alloys. The Government of India held 74% stake in the company as of 31 December 2020.
On a consolidated basis, the company's net profit fell 1% to Rs 60.13 crore on a 9% decline in net sales to Rs 187.92 crore in Q3 FY21 over Q3 FY20.
Shares of MIDHANI gained 1.44% to Rs 197 on the BSE.
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