As part of its efforts to reduce finance cost, India’s leading auto component maker Minda Industries Ltd has issued Commercial Papers worth Rs 30 crore.

“Minda Industries Ltd has issued the Commercial Papers of Rs 30 crore with value date 31 January, 2017 and due for maturity on 31 March, 2017. This is in line with the management efforts to bring down the finance cost”, said the company in a filing on Wednesday. Last month, the company had received shareholders’ approval to raise funds up to Rs 500 crore via combination of debt and equity.

Based in Gurgaon, Minda Industries manufactures and markets two-wheeler components in India as well as different countries, and has a major share of business in all Indian two-wheeler OEMs. The company also develops products for three-wheelers and off-road vehicles.

The company’s products include level holder assemblies, off road switches, horn, hazard warning, ignition, heater starter, lamps, and batteries among others.

Shares of the company were trading in red at Rs 348, down 0.39% from the previous closing of Rs 349.35, on BSE at 11.20 am today.

here is company details.

 

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