Business Update29 Apr 2024, 10:30 pm
Kaynes Technology India Ltd Extends Corporate Guarantee to Subsidiary for Rs. 50 Crores Credit Facilities from Federal Bank Ltd
AI Summary
Kaynes Technology India Ltd has announced the extension of a Corporate Guarantee to its wholly-owned subsidiary, Kaynes Electronics Manufacturing Private Limited, to secure working capital and other short-term facilities of up to Rs. 50 Crores from Federal Bank Ltd. The guarantee is disclosed as a contingent liability in the financial statements.
Key Highlights
- Kaynes Technology India Ltd extends Corporate Guarantee to subsidiary
- Secures working capital and short-term facilities of up to Rs. 50 Crores
- Decision disclosed as a contingent liability in the financial statements
- Federal Bank Ltd to be the beneficiary of the guarantee