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Outcome of board meeting of Kanoria Chemicals & Industries

Capital Market 

Held on 20 May 2021

The Board of Kanoria Chemicals & Industries at its meeting held on 20 May 2021 has approved extending the corporate guarantee against the restructured loans of its wholly owned subsidiary company, Kanoria Africa Textiles PLC, Ethiopia (KATP) in favour of Export Import Bank of India (Exim Bank). The Board has also approved to extend pledge of its entire shareholding in KATP as security for restructuring of Loan by Exim Bank.

The original loan sanctioned by Exim Bank was also secured by Corporate Guarantee and Pledge of KATP shares and therefore the currently approved arrangement substitutes the existing security and there have been no changes to the same.

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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, May 21 2021. 16:56 IST