Enclosed herewith Disclosure relating to sanction letter receievd from ICICI Bank
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sanmit Infra Ltd has received a sanction letter from ICICI Bank for a Guaranteed Emergency Credit Line (GECL) of ₹2 crore as a working capital term loan. The facility is sanctioned under the Government of India's Emergency Credit Line Guaranteed Scheme (ECLGS) 5.0. The loan has a 5-year tenure with a 1-year moratorium on principal repayment, followed by 48 equal monthly installments. Interest is charged at ICICI Bank's I-EBLR rate (currently 8.40%) plus a spread of 0.60%, capped at 9.00% per annum. The facility will be secured by a second-ranking charge over the company's existing assets held with ICICI Bank.
This is a moderately positive development — the company is securing additional working capital funding through a government-guaranteed scheme, which reduces lender risk for the bank and supports operational liquidity. However, the amount is modest (₹2 crore) and the second-ranking charge means existing ICICI Bank facilities retain priority repayment.