SAL Steel to borrow Rs125 crore to repay ARC dues

14 Sep 2022 , 12:20 PM

The Board of Directors of SAL Steel Ltd have approved secured borrowing of money by way of Inter Corporate Loans for an amount of Rs125,00,00,000/- (One Hundred Twenty five Crores Only) & other working capital for procurement of raw material for production of Ferro Chrome from AIA Engineering Limited.

“This shall be utilized for the purpose of repayment of Invent Assets Securitisation and Reconstruction Private Limited as well as for Working Capital & other purposes”, the company said.

In addition to this, the Board of Directors have authorized the chairman of the Company Rajendra V. Shah to execute and sign all the documents, agreement, deeds and to do all such acts and deeds for and on behalf of the company which shall be necessary for giving effect to the above transaction.

On Wednesday at around 12:22 PM, S.A.L Steel Ltd is currently trading at Rs10.17 per share up by Rs0.92 or 9.95% from its previous closing of Rs9.25 per share on the BSE.

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