Board approves corporate guarantee of 9.90 Crore for third party
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Vandan Foods board approved a corporate guarantee of up to INR 9.90 Crore to Canara Bank, Gandhinagar Branch, for credit facilities availed by Ditya Agri Industry (OPC) Pvt Ltd, a third party. The facility includes a term loan of INR 5 Crore for acquiring an industrial unit at Vijapur, Gujarat, and INR 4.90 Crore towards working capital. Ditya Agri is not a related party of the company.
Contingent liability of 9.90 Crore for a third-party borrower; no immediate financial impact unless the guarantee is called by the bank.