Board Meeting26 Oct 2026, 01:07 pm
Kirloskar Electric: Board Approves ₹50 Cr Overdraft Facility
AI Summary
Kirloskar Electric Company Ltd announced the outcome of its Board Meeting held on October 26, 2026. The Board approved availing an overdraft facility of up to ₹50 Crores from Kotak Mahindra Bank Limited. This facility will be secured by a lien on fixed deposits held by Kirloskar Power Equipments Limited, a related party. Additionally, the company will execute a deed of Indemnity in favor of its Executive Chairman and promoter, Mr. Vijay R Kirloskar, for his personal guarantee to secure the overdraft facility. The proposed transactions have received approval from the Audit Committee.
Key Highlights
- Board approved ₹50 Crore overdraft facility from Kotak Mahindra Bank.
- Facility secured by lien on fixed deposits of Kirloskar Power Equipments.
- Deed of Indemnity to be executed for promoter's personal guarantee.
- Audit Committee approved and recommended the transactions to the Board.
Price Impact
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