Greenply Industries Limited has informed the Exchange about that the Company has paid financial guarantee amount of USD 10,00,000.00/- (USD One Million) to Citi Bank N.A., Dubai on 06-05-2026 in respect of Standby Letter of Credit (SBLC) issued by Citi Bank, N.A., India for the financial assistance to Greenwud Panel Limited (formerly known as Greenply Middle East Limited), Dubai.
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Greenply Industries Limited has paid USD 1 million (approximately Rs 9.48 crores) to Citi Bank N.A., Dubai on May 6, 2026. This payment was made as a financial guarantee under a Standby Letter of Credit issued by Citi Bank, N.A., India for financial assistance to its investee company Greenwud Panel Limited (formerly Greenply Middle East Limited), Dubai. The SBLC had a validity period from May 15, 2025 to May 15, 2026. Due to geo-political conditions in the Middle East, Greenwud Panel Limited has had no significant operational activity, resulting in poor business performance against approved budgets. This has adversely impacted the recoverability of the financial guarantees, prompting the company to make an impairment provision of Rs 9.48 crores for FY2026.
The company has no further liability against this financial guarantee after the payment. However, the Rs 9.48 crore impairment provision will impact the company's profitability for FY2026, representing a loss on its overseas investment.