Ester Industries to issue Rs12cr Guarantee to Bank of India for subsidiary's credit facility

6 Jan 2022 , 03:35 PM

Ester Industries Limited board on Wednesday approved to give Corporate Guarantee to Bank of India for an amount of Rs12cr for extending Credit facility (Bank Guarantee) to Ester Filmtech Limited, a wholly-owned subsidiary of the Company. The guarantee, once executed, will be valid throughout the tenure of the facility.

“Arvind Singhania and Ayush Vardhan Singhania, Promoter / Promoter Group of Ester Industries Limited are Directors of Ester Filmtech Limited. The terms of the Guarantee are as per the Conditions laid down by Bank of India and are at arm’s length,” the company said in a filing on Thursday.

Ester Industries Ltd ended at Rs132.50 per piece down by Rs0.8 or 0.6% from its previous closing of Rs133.30 per piece on the BSE.