1. To consider and provide corporate guarantee for subsidiary MAGNUS ASIA PRIVATE LIMITED (formerly Unique Techno Associates Private Limited) to ICICI Bank for working capital limits. 2. ....
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Continental Petroleums' Board, at its meeting on 31st October 2025, approved providing a corporate guarantee for its subsidiary Magnus Asia Private Limited (formerly Unique Techno Associates Private Limited) to ICICI Bank for working capital limits. This means the parent company is standing as guarantor for a credit facility being arranged by the subsidiary. The Board meeting concluded at 3:40 PM and was signed off by Managing Director Madan Lal Khandelwal. The move indicates that the subsidiary is seeking fresh working capital funding from ICICI Bank with parental backing.
Shareholders should note that this creates a contingent liability for Continental Petroleums, exposing the parent to the subsidiary's debt obligations. While it supports the subsidiary's growth, any default by Magnus Asia would directly impact Continental's finances.