SM Auto Stamping Ltd gives corporate guarantee to SIDBI

SM Auto Stamping Ltd has executed a Deed of Corporate Guarantee in favour of Small Industries Development Bank of India (SIDBI) as collateral for securing the Financial Assistance in the form of Term loan / working capital term loan / working capital limit / overdraft facilities of Rs. 800 Lakh (Rupees Eight Crore Only) sanctioned to SM Autovision Private Limited, an associate company.

SM Autovision Private Limited is Associate Company of SM Auto Stamping Limited (Holding 48% Equity shares) and also hold 9,05,318 preference shares i.e.100% of Preference share capital of SM Autovision Private Limited.

Mr. Mukund Narayan Kulkarni (Managing Director of SM Auto Stamping Limited) is also Director of SM Autovision Private Limited and also Holds 34.67% of Equity Shares SM Autovision Private limited.

Mr. Jayant Suresh Fegde (Non Executive Director of SM Auto Stamping Limited) is also Director of SM Autovision Private Limited and also Holds 17.33% of Equity Shares SM Autovision PrivateLimited.

Mrs. Alka Mukund Kulkarni (Non Executive Director of SM Auto Stamping Limited) is also Director of SM Autovision Private Limited.

The promoters of the company do not have interest in this transaction. The Corporate Guarantee is given at arm's length basis.

Shares of SM Auto Stamping Ltd was last trading in BSE at Rs. 29.65 as compared to the previous close of Rs. 27.55. The total number of shares traded during the day was 12000 in over 5 trades.

The stock hit an intraday high of Rs. 29.65 and intraday low of 28.00. The net turnover during the day was Rs. 347400.00.

Source : Equity Bulls

Keywords

SMAutoStamping INE0C4I01011 CorporateGuarantee SIDBI SMAutovision CreditFacilities