Intimation of Loan Agreement
Price
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Awaiting price reaction for this filing.
Bhanderi Infracon Ltd has taken a new overdraft facility of Rs. 415 lakhs (approx. Rs. 4.15 crore) from Indian Bank's Ahmedabad Main Branch. The loan carries an interest rate of 9.80% per annum and is repayable over a maximum period of 120 months (10 years). The facility is secured by a simple mortgage on non-agricultural residential land measuring 8,676 sq. meters in Ahmedabad, with the security provided by group company Bhanderi Corporation Limited. The transaction is not related-party in nature and the bank has not been granted any special rights such as board nomination or restrictions on capital structure changes.
A fresh, low-cost overdraft line from a public sector bank supports the company's working capital needs, though the use of a group company asset as collateral means Bhanderi Corporation's land is now pledged. For shareholders, this is a routine debt disclosure and signals continued access to bank credit, but the small loan size (Rs. 4.15 cr) is unlikely to materially move the stock.