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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