Indo Tech Transformers has informed that the of Board of Directors of the company will held today, Friday, November 20, have considered and approved the enhancement of credit facility with State Bank of India, SME Walajapet Branch for availing fund based & non-fund based credit facilities up to a total limit of Rs 50 Crores. In this regard, one of the conditions of the Sanction Letter received from State Bank of India has mandated pledge of the 30% of the Promoter holding Shares held by Shirdi Sai Electrical with Share Pledge Trustee as security for the availing the sanctioned limits. Board deliberated and took the same on record. Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015, the company has informed that the meeting of the Board of Directors of the Company commenced at 10:10 am and concluded at 10.40 am.
The above information is a part of company’s filings submitted to BSE.
