Deepak Nitrite for the purpose of meeting its working capital requirement, has raised Rs 60 crore through the issue of commercial papers to HDFC Bank.

Deepak Nitrite has informed in a filing to BSE that, “the company has issued Commercial Papers (CP) aggregating to Rs 60 crores value dated April 17, 2015.”

“These have been subscribed by  HDFC Bank for Rs 30 crore each with maturity date on July 16, 2015, and September 4, 2015,” it said, and added that the issuance of commercial papers is to found the working capital requirements of the company.

Deepak Nitrite supplies organic, inorganic and fine chemicals to the global chemical majors. The headquarter of the company is situated at Gujarat and has manufacturing facilities at Nandesari and Dahej in Gujarat, Roha and Taloj in Maharashtra, and In Andhra Pradesh at Hyderabad.