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Nitin announces financial closure for expansion

CHENNAI: Nitin Spinners has announced the financial closure of its Rs. 208 crore expansion plan. The funds requirement of Rs. 135 crore has already been sanctioned by IDBI, PNB, SBI, OBC and IOB. According to a release, the expansion is financed through public issue, internal accruals and term loans under the technology upgradation fund scheme. The company has already raised Rs. 49 crore through a public issue in January. A total of Rs. 24 crore will be infused from internal sources.

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