Auto component maker Minda Industries raises Rs 50 crore via issuance of commercial papers

Auto component maker Minda Industries on Friday said it has raised Rs 50 crore through issuance of commercial papers.

"Minda Industries has issued the commercial paper of Rs 50 crore with allotment date June 17, 2021, and due for maturity on August 11, 2021," the company said in a regulatory filing.

Minda Industries said this is in line with the management's efforts to bring down the finance cost.

Last month, Minda Industries said its board has approved the acquisition of a 27.55 per cent stake in CSE Dakshina Solar for Rs 27 lakh.

The acquisition is for availing solar power from CSE Dakshina for the company's units in Tamil Nadu.

CSE Dakshina, a special purpose vehicle, is engaged in the business of providing solar power solutions for the captive consumption of commercial and industrial customers in India. It was incorporated in 2019. The company is in the process of setting up the project.

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