Commercial paper is an unsecured money market instrument issued in the form of a promissory note by corporates.
Havells India shares gained nearly 2 percent intraday Friday on fundraising from UTI MF through commercial paper.
The electric equipment manufacturer informed exchanges that it is going to issue commercial paper, with a interest rate of 6.4 percent, to UTI Mutual Fund for an amount of Rs 150 crore.
Commercial papers are not proposed to be listed on exchanges, it said, adding the date of allotment of these papers would be June 20 and date of maturity would be September 18.
Yes Bank is acting as the issuing and paying agent to the said issuance.
Commercial paper is an unsecured money market instrument issued in the form of a promissory note by corporates to meet short-term funding requirements for their operations.
At 12:27 hours IST, the stock price was quoting at Rs 491.70, up Rs 4.30, or 0.88 percent on the BSE.Posted by Sunil Shankar Matkar