Kajaria Ceramics Provides INR 6.87 Crores SBLC to Nepalese Joint Venture Company

Kajaria Ceramics Ltd, through State Bank of India, has provided a balance Standby Letter of Credit (SBLC) of INR 6.87 crores (equivalent to NPR 11 crores) in respect of a Working Capital Facility in favour of Everest Bank Limited, the Lead Bank of the Consortium of Nepalese Banks, on behalf of Kajaria Ramesh Tiles Limited, Nepal, a Joint Venture Company. The SBLC is equivalent to NPR 86 crores (equivalent to INR 53.75 crores) and is being availed by Kajaria Ramesh Tiles Limited, Nepal towards its working capital requirements. The Company has taken prior approval from the Audit Committee for providing the said SBLC. There is no immediate financial impact, but there may be contingent liability to the extent of the amount of the SBLC.