Brief: Sical Logistics approves proposal for unconditional irrevocable corporate guarantee of INR 1 bln

SICAL Logistics

18/01/2016 09:19

Jan 18 (Reuters) - Sical Logistics Ltd  SICA.NS : 
 * Approved proposal to provide unconditional irrevocable corporate guarantee to 
   the extent of INR 1 billion 
 * Approved to extend financial assistance to the extent of 1.75 billion rupees 
   to one of the subsidiaries 
 
 * Source text: Sical Logistics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 18, 2016, inter alia, has approved the following: 
 
1. Approved the proposal to provide Unconditional Irrevocable Corporate Guarantee to the extent of Rs.100 crores towards credit facilities being availed by one of the subsidiary. 
 
2. Approved to extend financial assistance to the extent of Rs.175 crores to one of the subsidiaries. 
 
3. Approved the proposal to seek shareholders approval for  2  and  3  by way of postal ballot since these fall under material related party transaction. 
 
 * Further company coverage  SICA.NS   
 
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