SAL Steel Ltd to borrow Rs. 125 crore to repay ARC dues

The Board of Directors of SAL Steel Ltd have approved secured borrowing of money by way of Inter Corporate Loans for an amount of Rs. 125,00,00,000/- (One Hundred Twenty five Crores Only) & other working capital for procurement of raw material for production of Ferro Chrome from M/s. AIA Engineering Limited which shall be utilized for the purpose of repayment of Invent Assets Securitisation and Reconstruction Private Limited as well as for Working Capital & other purposes.

The Board of Directors have authorized the chairman of the Company Mr. Rajendra V. Shah to execute and sign all the documents, agreement, deeds and to do all such acts and deeds for and on behalf of the company which shall be necessary for giving effect to the above transaction.

Source : Equity Bulls

Keywords

SALSteel AIAEngineering InterCorporateLoan Repayment ARC Invent