Chemicals maker Deepak Nitrite Ltd has raised Rs 60 crore through issue of commercial papers to HDFC Bank to meet its working capital requirement.
In a filing to the BSE, Deepak Nitrite informed that "the company has issued Commercial Papers (CP) aggregating to Rs 60 crores value dated April 17, 2015."
"These have been subscribed by HDFC Bank Ltd for Rs 30 crore each with maturity date on July 16, 2015, and September 4, 2015," it said, adding that the issuance of commercial papers is to fund working capital requirement of the company.
Commercial papers are short-term debt instruments.
Deepak Nitrite is a leading supplier of organic, inorganic and fine chemicals to global chemical majors.
Headquartered in Gujarat, Deepak Nitrite has manufacturing facilities at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad in Andhra Pradesh.
It manufactures Bulk Chemicals & Commodities (BCC), Fine & Speciality Chemicals (FSC) & Fluorescent Whitening Agents (FWA).
Deepak Nitrite posted a revenue of Rs 994.72 crore in the first nine months of 2014-15 fiscal from Rs 912.99 crore in the year-ago period.
