S.P. Apparels Ltd Issues Corporate Guarantee of INR 27.96 Crores for Jumeirah Lanka Pvt Limited

S.P. Apparels Ltd, a renowned company, has issued a corporate guarantee of INR 27.96 crores to The Hongkong and Shanghai Banking Corporation Limited on behalf of their associate company, Jumeirah Lanka Pvt Limited. This guarantee serves as security for a term loan facility availed by Jumeirah Lanka Pvt Limited. The Chairman & Managing Director of S.P. Apparels Ltd, Mr. P. Sundararajan, is also a director in Jumeirah Lanka Pvt Limited. This guarantee does not have any significant impact on S.P. Apparels Ltd other than disclosure in the Financial Statements as a Contingent Liability.