NLC India said it has raised Rs 1,000 crore by issuing commercial papers to meet the standalone business operation requirements.
NLC India has issued and allotted 20,000 commercial papers worth Rs 1,000 crore in favour of State Bank of India (SBI) on Monday, 20 April 2020. The fund will be utilized to meet the standalone business operation requirements of the company. The announcement was made after market hours yesterday, 20 April 2020.
On a consolidated basis, the company reported a 15.03% rise in net profit to Rs 398.75 crore on a 2.13% rise in net sales to Rs 2,742.60 crore in Q3 December 2019 over Q3 December 2018.
NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. It annually produces about 30 million tonne lignite from opencast mines at Neyveli in the state of Tamil Nadu in southern India and at Barsingsar in Bikaner district of Rajasthan state.
Shares of NLC India slipped 3.12% to Rs 45 on BSE. The scrip hovered in the range of Rs 44.60 to Rs 47.50 so far.
The Government of India held 80.70% stake in the company as on 31 December 2019.
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