Announced Wed, 8 Jul · 18:50 IST
S.P. Apparels guarantees Rs 12.51 cr for UK subsidiary loan
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-1.8%1-day move
₹1182.50
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₹1178.90
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AI summary
S.P. Apparels issued a corporate guarantee of about Rs 12.51 crore to HSBC UK Bank as security for a term loan taken by its wholly owned UK subsidiary, S.P Apparels UK. Chairman and MD Mr P Sundararajan is also a director in the UK subsidiary. The company says there is no material impact apart from disclosing this as a contingent liability in financial statements.
Likely market impact
Adds a contingent liability of about Rs 12.51 crore on the parent. No direct cash impact, but backs subsidiary borrowing.