Sagar Cements Ltd approves Corporate Guarantee for Andha Cements Ltd's loan

The Board of directors of Sagar Cements Ltd at its meeting held on today, has approved a proposal to furnish a Corporate Guarantee for a sum not exceeding Rs.665 crores to State Bank of India, as security for the loan availed by the subsidiary viz., Andhra Cements Limited.

The Board has also approved a proposal to pledge 25% of Sagar Cement's holdings in Andhra Cements Limited in favour of the said banker as further security for the said loan.

The above approvals are subject to further approval of the shareholders, to be obtained in due course of time.

Source : Equity Bulls

Keywords

SagarCements CorporateGuarantee AndhraCements