Dairy firm Kwality Ltd plans to raise up to Rs 300 crore through term loan and non-convertible debentures (NCDs).
In a filing to BSE, the company informed that the Board of Directors at its meeting held today approved availing of credit facilities from the lenders, up to Rs 300 crore, out of which Rs 200 crore by way of term loan and Rs 100 crore through issue of unlisted non-convertible debentures.
The board also approved opening of a special account with banker(s) for availing of such credit facilities as well as appointment of debenture trustee and security trustee.
Delhi-based Kwality Ltd has six milk processing units in Uttar Pradesh, Haryana and Rajasthan. The company sells dairy products such as milk (bulk, pouched and tetra-packs), ghee, curd and skimmed milk powder.
For the entire 2015-16 fiscal, the company reported a 4 per cent rise in its consolidated net profit at Rs 173.59 crore as compared to Rs 166.52 crore in 2014-15.
