Outcome of Board Meeting pursuant to Clause 5 Para B of Part A of Schedule III read with Regulation 30 of the SEBI (LODR) Regulations, 2015 for Entering into Arrangement for Multiple Banking.
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Super Iron Foundry Ltd's board, at its meeting on December 6, 2025, approved entering into a Multiple Banking Arrangement with UCO Bank for a working capital limit of Rs. 54.80 crore (including both fund and non-fund based limits). The company is moving away from its existing Consortium Banking Arrangement (with UCO Bank, SBI, and Bank of Baroda, executed on 10.03.2023) to the new multiple banking setup. The loan is secured via first pari passu charges on current and fixed assets, corporate guarantees from ABI Trading Pvt Ltd and Vedanta Vihar Pvt Ltd, and personal guarantees from promoters Akhilesh Saklecha and Abhishek Saklecha. The sanction letter was dated 22.09.2025.
This shift from a consortium to multiple banking arrangement is expected to reduce the company's finance costs. For shareholders, it signals improved banking flexibility and potential savings on interest expenses, though it also implies continued reliance on debt funding for working capital needs.