Stove Kraft Approves SBLC for Subsidiary, Reconstitutes Audit Committee

Stove Kraft Limited's Board of Directors has approved the issuance of a Standby Letter of Credit (SBLC) amounting to ₹30,00,00,000 (₹30 Crore) for its wholly-owned subsidiary in China, Guangzhou Jiawo Import & Export Co. Ltd. This SBLC will be issued in favor of overseas banks in China to facilitate credit facilities for the subsidiary. The company stated that this transaction does not currently impact Stove Kraft Limited and that promoters/group companies have no interest in it. Additionally, the Board approved the reconstitution of the Audit Committee, appointing Mr. Chandru Kalro as a member in place of Mr. Rajendra Gandhi.