TVS Srichakra Ltd executes loan agreement of $5 Mn to subsidiary

TVS Srichakra Ltd has executed a loan agreement today for extending loan for an amount of USD 5 million to M/s. Super Grip Corporation, USA (previously known as M/s. SG Acquisition Corporation), wholly owned subsidiary of the company.

The total loan amount is USD 5 million. Rate of interest is 6% per annum. The tenure of the loan is 3 years from the date of disbursement of the loan. The loan is repayable on demand. The Borrower may prepay all or any part of the loan along with interest at any time during the term of the loan without any penalty/premium, subject to giving 15 days prior written notice to Lender. The Borrower shall use the proceeds exclusively for its business and operational purposes.

Shares of TVS Srichakra Limited was last trading in BSE at Rs. 4433.90 as compared to the previous close of Rs. 4391.85. The total number of shares traded during the day was 553 in over 184 trades.

The stock hit an intraday high of Rs. 4494.95 and intraday low of 4368.00. The net turnover during the day was Rs. 2433209.00.

Source : Equity Bulls

Keywords

TVSSrichakra INE421C01016 LoanAgreement SuperGripCorporation USA