Nibe Ordnance and Maritime Ltd. Issues Corporate Guarantee of Rs. 230 Crores for Subsidiary Globe Forge Limited

Nibe Ordnance and Maritime Ltd., now known as Global Defence Industries Limited, has approved the issuance of a corporate guarantee in favor of Cosmos Co-op. Bank Limited. This guarantee is to secure credit facilities of Rs. 230 Crores (Rupees Two Hundred and Thirty Crores Only) for their subsidiary, Globe Forge Limited. The guarantee is issued at arm's length and there will be no immediate impact on the company other than disclosure in the financial statements.