DCW raises INR 410 Crore through OCD and NCD

DCW Limited, India's leading specialty chemical company, today announced that it has completed the refinancing of its debt with the issuance of NCDs (Non-Convertible Debentures) amounting INR 350 crores and OCDs (Optionally Convertible Debentures) to be converted into equity within 18 months, amounting INR 60 crores.

DCW will utilise the funds in refinancing the existing term loans and augment working capital. The company expects this fundraise to enhance capacity utilization, and meet increasing product demand. These NCD's carry a moratorium of 18 months and a tenure of six years.

Commenting on the transaction Mr. Vimal Jain, Chief Financial Officer, DCW Limited said, "DCW saw strong investor interest for NCD and OCD and could manage this fundraise at favourable terms. Through these transactions, the company extended its debt stack maturities and added additional liquidity to the balance sheet. DCW's credit profile remains stable with positive bias. With the completion of this refinancing, the company has managed to enhance financial flexibility and is on a firmer footing to achieve long-term growth.

Shares of DCW LTD. was last trading in BSE at Rs.29.95 as compared to the previous close of Rs. 28.2. The total number of shares traded during the day was 566191 in over 1616 trades.

The stock hit an intraday high of Rs. 31.1 and intraday low of 27.8. The net turnover during the day was Rs. 16850207.

Source : Equity Bulls

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