Mishra Dhatu Nigam (MIDHANI) on Friday announced that it has raised Rs 50 crore by allotting commercial papers to Union Bank on private placement basis.
In an exchange filing, Mishra Dhatu Nigam said that it has issued 1000 commercial papers of face value of Rs 5 lakh each.The tenure of papers is 90 days and the papers are rated A1+ by credit rating agency CRISIL.
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 March 2021.
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 fell 0.9% to Rs 192.25 on Friday.
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