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Our Bureau

New Delhi, June 22

Nitin Spinners Ltd, a 100 per cent Export Oriented Unit producing cotton yarn and knitted fabrics, has announced the financial closure of its Rs 208 crore expansion plan. The expansion has been financed through public issue, internal accruals and term debt under the Technology Upgradation Fund Scheme, the company said in a release here.

While it raised Rs 49 crore through a public issue in January this year, Rs 24 crore is being infused through internal sources. The balance of Rs 135 crore has already been tied-up through term loans from financial institutions and banks, including IDBI, Punjab National Bank, State Bank of India, Oriental Bank of Commerce and Indian Overseas Bank. "We are now poised on threshold of new growth in our company as the expansion plan is in place and on schedule," said Mr R L Nolkha, Chairman and Managing Director of Nitin Spinners.

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