Diamond Cables announced financial closure for its expansion projects aggregating Rs 2.6 billion with a term loan of Rs 1.3 billion from AXIS bank, the remaining Rs 1.3 billion are being funded through a nmixture of promoter equity and internal accruals.

Diamond Power is setting up a power equipment park which would have manufacturing facilities for 50,500 mt of conductors, 48,000 mt transmission tower plant, 25,000 kms of LT cables, 3,200 kms of HT cables and 3000 kms cables of EHV cables.

The plant will employ more then 4,000 persons and all the facilities will go on stream in three different stages before June 2009, the company said.

The power equipment park will also have space for setting up 50 ancillary units for power equipment manufacturers, it added.

Shares of the company declined Rs 9.95, or 8.36%, to settle at Rs 109. The total volume of shares traded was 2,663 at the BSE (Friday).