Bizbits

Nirma ties up funds for two projects

MUMBAI: Soaps and detergents major Nirma Ltd has achieved financial closure for two projects with its Rs 100-crore debt issue, which opened today, getting oversubscribed. The company, which had the green shoe option for Rs 50 crore, has decided toutilise the option taking the total debt raised to Rs 150 crore, the company said in a statement here. Nirma issued 18-month debentures with two options 8211; one with regular return of 11.60 per cent payable semi-annually and the other, zero coupon debenture with annual yield of 11.95 per cent 8211; to part-finance its backward integration projects to manufacture soda ash and n-paraffin, it added. Internal accruals of over Rs 900 crore have been committed to the project costing Rs 1,500 crore.

Voltas expands Dadra AC project

MUMBAI: Voltas, India8217;s major engineering and air-conditioning company has crossed a significant milestone with the completion of its ambitious Rs 110 million expansion project for room airconditioners at its Dadra plant. The company8217;s new room airconditioner manufacturing facility is India8217;s first fully automated plant in the airconditioner industry.