Mastek Ltd to provide corporate guarantees to Mastek Arabia - FZ LLC

The Board of Directors of Mastek Ltd at its meeting held on December 17, 2021 have approved proposal to provide the Corporate Guarantees for better financial support on behalf of Mastek Arabia - FZ LLC, Step Down Subsidiary (SDS) of the Company to enable it to avail the necessary bank facilities.

The Company will be providing Corporate Guarantee to Bank upto USD 3 million or its equivalent currency, for availing maximum of USD 3 million towards proposed performance guarantee, bid bonds, Advance Payment Guarantees (APG) and such similar guarantees, from Bank by the said SDS.

The Company will also be providing Corporate Guarantee to another Bank upto USD 6 million or its equivalent currency, for availing maximum of USD 4 million towards proposed performance guarantee, bid bonds, Advance Payment Guarantees (APG) and such similar guarantees & maximum of USD 2 million for working capital facility, from Bank by the said SDS.

Shares of Mastek Limited was last trading in BSE at Rs. 2741.65 as compared to the previous close of Rs. 2705.05. The total number of shares traded during the day was 4469 in over 966 trades.

The stock hit an intraday high of Rs. 2808.80 and intraday low of 2702.00. The net turnover during the day was Rs. 12389448.00.

Source : Equity Bulls

Keywords

Mastek INE759A01021 CorporateGuarantees FinancialSupport MastekArabiaFZLLC BankFacilities