Business Update20 Apr 2024, 10:13 pm
Rathi Steel & Power Ltd. Announces Credit Facility of Rs. 43.50 Crores from Kotak Mahindra Bank
AI Summary
Rathi Steel & Power Ltd. has announced the approval of a credit facility of Rs. 43.50 Crores from Kotak Mahindra Bank. The loan agreement details are enclosed in Annexure-A.
Key Highlights
- Rathi Steel & Power Ltd. obtains a credit facility of Rs. 43.50 Crores from Kotak Mahindra Bank
- Board of Directors approved the loan agreement
- Loan comprises of an Overdraft facility of Rs. 35 Crores and a Term Loan Facility of Rs. 8.5 Crores
- Security provided includes a charge on all existing and future movable & immovable assets and plant & machinery, a mortgage on industrial land and building, and personal guarantees from promoters