Grm Overseas has informed that the Board of Directors of the Company at their meeting held on Friday, the 14th day of January 2022, has approved, the following: approved Related Party Transactions with Subsidiaries of the company, subject to approval of Members; To furnish a Corporate Guarantee of Rs.15 Crores to State Bank of India (SBI), having branch at SME Branch G.T.Road, Panipat for providing working capital loan of Rs.15 crores to GRM Foodcraft, a subsidiary of the Company. The working capital loan has been sanctioned by SBI to GRM Foodcraft, a subsidiary of the Company and said working capital loan shall be utilized by the subsidiary for meeting working capital requirement of principal activity of the subsidiary’s business. This additional working capital shall be used by the subsidiary for growth of domestic business. The contract(s)/ arrangement(s)/transaction(s) outlined at S. No. 1 & 2 above have been / will be carried out at arm’s length basis and it will contribute to continuous growth in sales & profitability of the Company and is in the interest of the Company; Approved Postal Ballot Notice, to seek approval of shareholders for Related Party Transactions, details enclosed herewith as Annexure-A. The meeting of the Board of Directors commenced at 02.00 PM and concluded at 02:45 PM.
The above information is a part of company’s filings submitted to BSE.
