Oil Country Tubular Limited has informed the Exchange regarding Outcome of Board Meeting held on April 09, 2026.
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The Board of Directors approved a term loan agreement for Rs. 6.82 crores with Cosmos Co-Operative Bank Ltd. The loan will be used to purchase new machinery and equipment for the company's operations. The loan is secured by hypothecation of the machinery being purchased and a mortgage on an industrial shed located in Kakinada, Andhra Pradesh. The transaction is not a related party transaction, though the company holds 20 equity shares in the lending bank.
The new debt facility will increase the company's liabilities and interest burden, but provides needed capital for equipment purchases. Borrowing from a co-operative bank may indicate limited access to traditional commercial bank financing.