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Somany Ceramics , on Thursday, raised ₹25 crore through issuance of commercial papers (CP) on private placement basis, the company informed the exchanges. The CP, which matures on January 23, was issued on Thursday but the company did not disclose the coupon rate. The issuance of CP is aimed at reducing high interest bearing cash credit limits and, in turn, reducing the cost of borrowings, the company added in the statement. Shares of Somany Ceramics closed at ₹496.25, down 0.7 per cent on the NSE.
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