The Board of Directors considered and approved a proposal for providing Corporate Guarantee in favour of Buldana Urban Co-operative Credit Society Limited, Buldana. The guarantee covers:
- An existing term loan facility of ₹45 Crores availed by Penganga Sakhar Karkhana Private Limited, a wholly owned subsidiary of the Company
- A term loan facility of ₹8 Crores sanctioned to Mr. Balasaheb Eknath Gunjal (Director of the Company) for the business requirements of Penganga Sakhar Karkhana Private Limited, specifically for sugarcane harvesting and transport advance
Detailed Disclosure (Annexure A)
Party Details:
- Penganga Sakhar Karkhana Private Limited (Wholly Owned Subsidiary)
- Mr. Balasaheb Eknath Gunjal (Director)
Promoter/Promoter Group Interest: Yes, Penganga Sakhar Karkhana Private Limited is a Wholly Owned Subsidiary of the Company, and Mr. Balasaheb Eknath Gunjal is a Director of the Company. The corporate guarantee is being provided to secure credit facilities to facilitate the operations and requirements of the wholly owned subsidiary. The transaction is done on an arm's length basis and is in the ordinary course of business.
Guarantee Details: The Company is providing a Corporate Guarantee to secure:
- An existing term loan of ₹45 Crores of Penganga Sakhar Karkhana Pvt. Ltd.
- A term loan of ₹8 Crores sanctioned to Mr. Balasaheb Eknath Gunjal for the operational use of Penganga Sakhar Karkhana Pvt. Ltd.
Total Corporate Guarantee Amount: ₹53 Crores
Regulatory Reference: The disclosure is made under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.
Meeting Details: The Board Meeting commenced at 11:00 A.M. and concluded at 04:00 P.M.