Nitin Spinner achieves financial closure for Rs 208 cr expansion

Mumbai, June 15 (UNI) Nitin Spinners Ltd has achieved the financial closure for its expansion project costing Rs 208 crore.

Announcing this, the company said the implementation of expansion project is going as per schedule. On the financial closure, the company said it has already raised funds of Rs 49 crore through public issue, while funds of Rs 24 crore shall be infused from internal sources and balance amount of Rs 135 crore shall be funded through Term Loan from Banks/Financial institutions.

Further, the company informed that it has received very good response from Banks and Financial Institutions to finance its funds requirement of Rs 135 crore due to track record of timely repayment of principal and interest without any default.

The funds requirement of Rs 135 crore has already been tied-up with IDBI, Punjab National Bank, State Bank of India, Oriental Bank of Commerce and Indian Overseas Bank. The entire term loan is under TUF scheme.

The cost of financing shall be lower from the cost originally envisages by the management even in this regime of increase in the interest rate. In view of this, the company announces closure of financial for Expansion Project.

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