Shares of leading recycling company Gravita India Ltd. ended nearly 10 percent higher on Wednesday on the news of securing a long-term loan of 34 million euros from European developmental financial institutions.

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Gravita India announced that its step-down subsidiary Gravita Netherlands BV has been provided an ESG (environmental, social and governance) loan from Société De Promotion Et De Participation Pour La Coopération Economique SA (PROPARCO) and Oesterreichische Entwicklungsbank AG (OeEB) worth 34 million euros (over Rs 306 crore).

The loan, guaranteed by the parent Gravita India, enables the company’s offshore businesses to gain financial independence for their capex and working capital needs.

“The facility has been granted after rigorous due diligence on various environmental, social and governance aspects at Gravita's manufacturing subsidiaries which showcases the company's commitment to sustainability and circular economy,” Gravita India said in a press release.

It added, “The loan will be utilised to further strengthen Gravita’s sustainability initiatives.”

The loan facility has been solely structured and arranged by Azalea Capital Partners Llp, a Mumbai-based boutique advisory firm.

Interestingly, the stock has been rising for five consecutive sessions and has gained nearly 11 percent during this period. Over the past one year, the stock has rallied over 76 percent compared with a nearly 10 percent increase in the benchmark Sensex during the same period.

Gravita India is a global recycling company with 11 state-of-the-art manufacturing facilities across the globe with a capacity of 2,51,419 MTPA.

Shares of Gravita India ended 9.9 percent higher at Rs 560.95. The stock hit a 52-week high in today's session.