Intimation on Execution of an Equitable Mortgage by Deposit of Title Deeds, by Material Subsidiary "SAI MACHINE TOOLS PRIVATE LIMITED"
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SMT Engineering Ltd's wholly-owned material subsidiary, Sai Machine Tools Private Limited, has executed an equitable mortgage by deposit of title deeds with ICICI Bank Limited to secure a loan facility of Rs 4.30 Crores. The loan is a Land + Construction Loan (Non-Residential) with a tenure of 180 months (15 years). The security is a 40,000 sq. mtr. industrial plot in Smart Industrial Township, Sector-7, District Indore, allotted by MPIDC. The transaction is not a related-party transaction and no special rights are involved.
This is a routine borrowing disclosure — the subsidiary is raising a modest Rs 4.30 Cr long-term loan against land to fund construction, suggesting capacity expansion. For shareholders, it signals growth-related funding at the subsidiary level but adds a long-tenure liability secured by subsidiary assets; no immediate material impact on the listed parent's stock is expected.