Ircon International Limited (IRCON) had furnished a Corporate Guarantee to SBICAP Trustee Company Limited for providing the Term Loan of Rs.501 Crore by State Bank of India to Ircon Shivpuri Guna Tollway Limited (IrconSGTL), a Special Purpose Vehicle (SPV) & a wholly owned subsidiary of IRCON.
The Corporate Guarantee is valid till the tenure of the Loan. The Corporate Guarantee is furnished by IRCON at arm's length basis and its promoters have no interest in the transaction directly. The purpose of availing loan by IrconSGTL is to repay the existing loan of IRCON.
Now, IrconSGTL has refunded the loan of Rs.501 Crore to Ircon International Limited which has reduced the financial investment of IRCON.
Shares of Ircon International Limited was last trading in BSE at Rs. 41.05 as compared to the previous close of Rs. 41.45. The total number of shares traded during the day was 185579 in over 1588 trades.
The stock hit an intraday high of Rs. 41.80 and intraday low of 41.00. The net turnover during the day was Rs. 7657643.00.