Transformers and Rectifiers to benefit from Budget announcement of surety bond instead of bank guarantees in Govt procurements

3 Feb 2022 , 04:32 PM

Transformers and Rectifiers (India) will benefit from the Budget 2022 announcement of Surety Bond instead of Bank Guarantees in Government Procurements.

In its regulatory filing, the company said, “Now, post-implementation of the above budget declaration about the issuance of Surety Bond, the Company will get the benefit of reduction of overall debt in form of Bank Guarantees by minimum 25%.”

The Company is engaged in supplies of Transformers directly/ through EPC(s) to Central and State Utilities.

“We hereby express our gratitude to the Government of India and IRDAI regarding initiating the process,” the company said.

On Sensex, the company’s stock finished at Rs41.15 per piece up 0.6%.