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Bodal Chemicals Ltd Capital/Financing Update 2021
61062_rns_2021-06-16_6b78e2de-04b1-421b-8a3f-361ba144cf08.pdf
Capital/Financing Update
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By Online Submission
Sec/21-22/18 Date: 15-06-2021
To, National Stock Exchange of India Ltd Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051. NSE Code: BODALCHEM
Dear Sir/ma'am,
Sub: Clarification from the Company with respect to announcement dated 09th June 2021, regarding approval of giving Corporate Guarantee to SENER SOYA KIMIYA TEKSTIL SAN. VE. TIC. A.S. ("SEN ER"}, Subsidiary Company of the Company
We are in receipt of your E-mail dated 14th June 2021, asking for clarification from the Company with respect to announcement dated 09thJune 2021, regarding approval of giving Corporate Guarantee to SEN ER SOYA KIMIYA TEKSTIL SAN. VE. TIC. A.S. ("SEN ER"), Subsidiary Company of the Company. we reference to that we hereby clarify as below:
| Sr.No. | Particulars/Observation | Clarification from the Company |
|---|---|---|
| 1 | Whether the promoter/ promoter group/group companies have any interest in thistransaction? If yes, nature of interest anddetails thereof and whether the same isdone at arms length; | Company is giving/issuing Corporate Guarantee in formof standby letter of credit in favor of CITI Bank NAagainst Credit Facility granted by CITI Bank NA to SENERSOYA KIMIYA TEKSTIL SAN. VE. TIC. A.S. ("SEN ER"),foreign Subsidiary Company of Bodal Chemicals Ltd.Boda! Chemicals Ltd is holding 80% stake in SEN ERNo Promoter/Promoter group/ group companies haveany interest in this transaction.Credit facility is granted by CITI Bank NA to SEN ER andhence, arms length is not applicableFurther, there is also no Common Directors in both thecompanies. |
| 2 | Briefdetailsofsuchguaranteeorindemnity or becoming a surety viz. brief | Company is giving Corporate Guarantee in form of standby letter of ercility of Rs.220.55 Million |
HEAD OFFICE:
I Plot No. 123-124, Phase-I, www.bodal.com G.l.D.C, Vatva, Ahmedabad- 382 445., Gujarat, India.
CIN No.: L24110GJ1986PLC009003 E-mail: [email protected]
Tel: +91 9909950855 +91 9909950856
| details of agreement entered(if any)including significant terms and conditions,including amount of guarantee; | for working capital to be used by SENER, foreignSubsidiary Company of Boda I Chemicals Ltd. | |
|---|---|---|
| 3 | Impact of such guarantees or indemnityor surety on listed entity | There will be no direct impact on Badal Chemicals Ltd forgiving guarantee to its Subsidiary Company.Badal Chemicals Ltd will not finance or give any amountunder this Guarantee. Badal Chemicals Ltd will issuestandby letter of credit in Favor of CITI Bank, which isissuing working capital limits to our Subsidiary Companyat Turkey.Further, we would also like to inform you that guaranteeis under the overall limits as specified under the Section186 of Companies Act, 2013. |
Kindly take note of the same.
HEAD OFFICE:
I Plot No. 123-124, Phase-!, G.I.D.C, Vatva, Ahmcdabad- 382 445., Gujarat, India.
Tel, +91 9909950855 +91 9909950856 E-mail: [email protected] I