S Chand and Company stock rises 2% after board nods working capital facility of Rs40cr from SBI

S Chand said that this facility has been availed from SBI at a competitive rate of interest.

Oct 05, 2021 03:10 IST India Infoline News Service

S Chand and Company has received board of directors approval for a working capital facility up to an amount of Rs40cr from the State Bank of India ("SBI").

In its regulatory filing, S Chand said that this facility has been availed from SBI at a competitive rate of interest.

The purpose of this facility is to take over the existing credit facilities of the Company under Multiple Banking from Kotak Mahindra Bank, Standard Chartered Bank, DBS Bank, Tata Capital Financial Services.

After the takeover of these facilities, S Chand is expected to have an annualised estimated savings of Rs7 million. The Company has entered into a loan agreement with SBI.

At around 3.22 pm, S Chand was trading at Rs115.30  per piece up 1.7% on Sensex. 

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