Sayaji Hotels Gives ₹50 Cr Corporate Guarantee to VICON Imperial

Sayaji Hotels Ltd announced that its Board of Directors has approved the issuance of a Corporate Guarantee for ₹50 Crores in favor of Axis Bank Limited. This guarantee is for a loan to be availed by VICON Imperial (I) Private Limited, a group company where promoters of Sayaji Hotels hold a 51% stake. The transaction is stated to be on an arm's length basis. The guarantee represents a contingent liability for Sayaji Hotels, impacting its financial obligations to the extent of facilities availed by the borrower. Further details are pending receipt from the bank.