Shares of dairy firm Kwality Ltd rose by 3 per cent today after the company raised Rs 300 crore from private equity firm KKR India and secured an additional capital commitment of Rs 220 crore to fund its expansion plan and repay debt.
The stock went up by 3.01 per cent to settle at Rs 114.60 on BSE. During the day, it surged 6.42 per cent to Rs 118.40.
On NSE, shares of the company rose by 2.91 per cent to end at Rs 114.75.
"Kwality Ltd has received capital commitment of up to Rs 520 crore via structured finance from KKR India...To fuel its aggressive growth plans as the company continues to rapidly shift its business model towards B2C/retail segment," the company said in a BSE filing.
When contacted, Kwality Director Sidhant Gupta said the company has already raised Rs 300 crore from KKR India and the remaining amount would come into the company at later stage.
The funds raised would be used for expansion and part repayment of debt, he added.
