The SBLC was originally issued by Borosil Renewables to HDFC Bank’s Mumbai branch, and was used to back a €12 million loan that HDFC’s GIFT City branch had given GMB.
The firm has withdrawn its proposed ₹450 Crore rights issuance, citing the need for more funding to sustain its expansion objectives.
The tariff will be in force for six months, beginning on December 4, and will apply to all glass items used in the solar business.
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