Minda Corp raises Rs 25 cr via commercial paper

Auto ancillary company Minda Corp said it had raised Rs 25 cr by issuing commercial paper.

Commercial paper refers to unsecured, short-term promissory notes or debt issued by a company.

These paper usually mature in a few weeks or months and are used for working capital and other short-term requirements.

“This (issue) is in line with the management’s efforts to bring down the cost of the company,” Minda Corp said.

Minda Corporation Limited is one of the largest suppliers of electronic and mechanical locks and security systems to two- and three-wheelers and off-road vehicles.

It also manufactures parts for auto and consumer durable industries.

The company exports about 20% of its products to USA, UK, Europe & South East Asia and ASEAN countries.