Senores Pharmaceuticals Limited has informed the Exchange regarding issuance of Corporate Guarantee for credit facilities availed by Havix Group Inc. D/B/A Aavis Pharmaceuticals, a material subsidiary of the Company, from HDFC Bank Limited.
SENORES · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Senores Pharmaceuticals has issued a corporate guarantee of up to USD 5,500,000 (approximately ₹46 crore) in favor of HDFC Bank on behalf of its material subsidiary, Havix Group Inc. D/B/A Aavis Pharmaceuticals. The guarantee secures credit facilities availed by the subsidiary, with a maximum tenure of 10 years or until the facilities are closed, whichever is earlier. The transaction is conducted at arm's length, and the promoters have interest only to the extent of their directorship in Havix. The guarantee will be reflected as a contingent liability in the company's financial statements.
This increases Senores' contingent liabilities by ~₹46 crore, exposing the parent company to potential financial risk if the subsidiary defaults. While supporting subsidiary growth, shareholders should monitor the subsidiary's debt servicing capability closely.