Transformers and Rectifiers India gets extension of reduction in performance security

Transformers & Rectifiers India Ltd has informed that The Department of Expenditure, Ministry of Finance, has issued Office Memorandum for reduction of Performance Security from 10% to 3% extended till March 31, 2023.

The Company will get this benefit from all Public Sector Units(s) and also reduce the Bank Guarantee outstanding with the Bank’s and further reduction in the contingent liability also.

The Company continuously thrives to deliver quality products and services and over a period of time has become a leading manufacturer of transformers in the Country, said Tranformers and Rectifiers in a regulatory filing.

At around 12:14 PM, Transformers & Rectifiers India was trading at Rs36.25 apiece down by Rs0.75 or 2.03% on Sensex.