Granules India Limited has informed the Exchange about Giving guarantees/indemnity/ becoming a surety for third party
GRANULES · price
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Granules India has given a corporate guarantee of CHF 25.50 Million (approximately ₹250 crores) to MUFG Bank, Singapore Branch, to secure a credit facility for its wholly-owned foreign step-down subsidiary, Senn Chemicals A.G., based in Switzerland. Senn Chemicals is owned through Ascelis Peptides Private Limited, India. The transaction is conducted at arm's length and promoters are interested only to the extent of their shareholding. This guarantee will appear as a contingent liability on Granules India's books.
The guarantee increases Granules India's contingent liability exposure to roughly ₹250 crores on behalf of its Swiss subsidiary. While the transaction is arm's length, shareholders should monitor whether Senn Chemicals can service the new facility independently, as any default would create a direct financial obligation for the parent company.