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Outcome of board meeting of Indo Tech Transformers

Capital Market 

Held on 20 November 2020

The Board of Directors of Indo Tech Transformers at its meeting held on 20 November 2020 have considered and approved the enhancement of credit facility with State Bank of India, SME Walajapet Branch for availing fund based & non-fund based credit facilities upto a total limit of Rs. 50 crore. In this regard, one of the conditions of the Sanction Letter received from State Bank of India has mandated pledge of the 30% of the Promoter holding Shares held by M/s. Shirdi Sai Electrical Limited with Share Pledge Trustee as security for the availing the sanctioned limits. Board deliberated and took the same on record.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 11:04 IST