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Kotak Special Situations Fund Invests Rs 410 Cr In DCW

KSSF funding will help DCW to refinance its existing term loans, improve working capital, and enhance capacity utilisation to meet the growing demand for its products and scale up the speciality chemicals operations.

Photo Credit : Bloomberg

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Kotak Special Situations Fund, managed by Kotak Investment Advisors, on Wednesday said it has invested Rs 410 crore in DCW Limited in the form of debentures.

The fund has invested in the form of non-convertible debentures (NCDs) and optionally convertible debentures (OCDs) in DCW.

On conversion, the OCDs will result in an 11 per cent stake in DCW for Kotak Special Situations Fund (KSSF), the fund said in a statement.

KSSF funding will help DCW to refinance its existing term loans, improve working capital, and enhance capacity utilisation to meet the growing demand for its products and scale up the speciality chemicals operations.

'This investment is in line with our ability to provide unique and flexible capital solutions which are not ordinarily available in the ecosystem,' Srini Sriniwasan, Managing Director, Kotak Investment Advisors, said.

KSSF has been investing from its USD 1 billion fund in a variety of structured investment situations. DCW is a market leader in speciality chemicals.

'We look forward to play an active role in helping DCW achieve its long term vision. Our financing facility will help DCW chart its growth as a leading speciality chemicals player. DCW now has financial flexibility and liquidity to achieve long term growth,' Eshwar Karra, CEO of Kotak Special Situations Fund, said. 

(PTI)