Summary of Key Information:
Nature of Filing / Announcement: Outcome of Board Meeting under Regulation 30 of SEBI (LODR) Regulations, 2015
Corporate Actions:
The Board of Directors approved the following financing arrangements:
- Approval to avail overdraft facility from Kotak Mahindra Bank Limited to the extent of ₹50 Crores by way of availing lien on fixed deposit held by Kirloskar Power Equipments Limited (related party transaction)
- Approval to avail Drop Line Overdraft facility of up to ₹50 Crore from Kotak Mahindra Bank Limited
- Approval to execute a deed of Indemnity in favour of Mr. Vijay R Kirloskar, Executive Chairman and promoter of the Company with respect to his personal guarantee sought by Kotak Mahindra Bank Limited to secure the obligations of the Company in connection with the proposed Drop Line Overdraft facility
Other Significant Information:
The filing is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 read with Schedule III.