National Fertilizers up 3% on rupee loan agreement with SBI
The fertiliser maker has signed rupee loan agreement with SBI for an amount of Rs 1,044 crore.
December 26, 2018 / 11:59 AM IST
Tuticorin Alkali Chemicals & Fertiliser | Promoter entities Southern Petrochemical Industries Corporation, Twinshield Consultants and South India Travels to sell 1,05,72,513 equity shares of the company via offer for sale on November 3-4. (Image: Reuters)
National Fertilizers shares rallied 3 percent intraday Wednesday after the company signed loan agreement with country's largest lender State Bank of India.
On December 24, the fertiliser maker has signed rupee loan agreement with SBI for an amount of Rs 1,044 crore.
Rupee term loan has been sanctioned by SBI in debt: equity ratio of 90 : 10, the company said, adding the interest rate is linked to 1 year MCLR + spread of 0.15 percent basis for door to door tenor of 12 years. The 1st drawal is expected by December 31, 2018.
Hence, NFL has achieved financial closure for its energy reduction schemes at Panipat, Nangal and Bathinda projects and other capex at various units with total project cost of Rs 1,160 crore.
At 11:39 hours IST, the stock was quoting at Rs 36.15, up Rs 0.50, or 1.40 percent on the BSE.