Dixon provides US$7 million guarantee for subsidiary Padget
DIXON · price
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On the reaction day the stock moved in line with Nifty Midcap 150 and 1.6 pts more than its Consumer Electronics peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Dixon will provide an unconditional guarantee of up to US$7 million for its wholly owned, unlisted subsidiary Padget Electronics Private Limited in favour of Quanta Computer Inc. The cover applies if Padget defaults on invoices for materials, parts and components bought from Quanta. The arrangement is at arm's length, with no promoter or group company interest reported.
There is no immediate impact, but Dixon may face a liability of up to US$7 million if Padget defaults.