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Nicholas raises $10 m

MUMBAI: Nicholas Piramal (India) Ltd. (NPIL) has raised $10 million through an external commercial borrowing arranged by Rabo India Finance and placed with Rabobank International Singapore. The proceeds of the issue would be used to replace high cost debt of the company. The issue, on a fully hedged basis, was closed at below G-Sec rates. — Our Staff Correspondent

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