PNB sanctions enhanced working capital limits to Kings Infra

Kings Infra has received sanction for its proposal for enhanced working capital limits from Punjab National Bank. The Company has been consistently turning out excellent financial results for the FY 22-23 and the first two quarters of the ongoing financial year.

The Company was able to receive two long term contracts for supply of Vannamei shrimps to China & US markets. The quantum of orders to each destination is over Rs. 100 Crores per annum, over and above the present regular orders. In order to scale up the activities and meet commitments, Kings Infra has also entered into arrangements as a Merchant Exporter with leading processing plants.

There is an increased demand for high-quality antibiotic free sea food in the domestic as well as in the international market. The enhancement of the Fund Based bank facilities will enable the company to expand the operations into new territories and markets and achieve the ambitious growth plans.

Kings Infra has entered the domestic market this year as there exists a big opportunity to develop this segment for premium quality healthy food options in institutional packs as well as retail packs for B2B and B2C Customers. Kings Infra is now entering the Ready-to-cook and Ready-to-eat products under its marquee brand KING BENTO.

Considering the track record of success, financial performance and the growth initiatives lined up for implementation, Punjab National Bank, who have partnered our growth over the years has now approved the company's proposal and accorded sanction for additional Cash Credit, LC and non LC bill discounting Export Packing credit and bank guarantee from the existing limits of 23 Cr to over 40 Cr.

The year ahead will be a landmark year for Kings Infra as the Company enhances it operations in export and aquaculture while expanding its footprint the Domestic market with its King Bento in Ready to Cook and Heat and eat segments.

The Zonal Manager, Punjab National Bank, Smt. Bhuvaneswari Venkatraman handed over the enhanced sanction letter to Sri. Shaji Baby John, Chairman of Kings Infra Ventures Ltd.

Shares of Kings Infra Ventures Limited was last trading in BSE at Rs. 168.20 as compared to the previous close of Rs. 171.30. The total number of shares traded during the day was 23205 in over 271 trades.

The stock hit an intraday high of Rs. 174.75 and intraday low of 168.00. The net turnover during the day was Rs. 3950596.00.

Shares of Punjab National Bank was last trading in BSE at Rs. 91.36 as compared to the previous close of Rs. 91.36. The total number of shares traded during the day was 3769915 in over 13896 trades.

The stock hit an intraday high of Rs. 92.35 and intraday low of 90.04. The net turnover during the day was Rs. 344148310.00.

Source : Equity Bulls

Keywords

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