Shalby Ltd Issues Standby Letter of Credit of Up to USD 13.27 Million
Shalby Ltd has issued a Standby Letter of Credit (SBLC) of up to USD 13.27 Million. This facility has been availed from IndusInd Bank Limited for the use of Shalby Advanced Technologies, Inc., USA (SAT Inc.), which is an overseas step-down subsidiary of the Company.The issuance of the SBLC was reported to detail the transaction structure concerning the guarantee provided.
Key details regarding the guarantee and the involved parties are summarized below:
| Particulars | Details |
|---|---|
| Party for which guarantee was given | Shalby Advanced Technologies Inc., USA (SAT Inc.) |
| Interest of promoter group | No, except SAT Inc., the step-down subsidiary of the Company, which is the beneficiary of this transaction. |
| Details of the guarantee | The Company issued SBLC of up to USD 13.27 Million, availed from IndusInd Bank Limited, for utilization by SAT Inc. |
| Impact on listed entity | Providing the SBLC is in the overall interest of the Company, as it will assist the step down subsidiary in securing credit facilities. No material financial or operational impact is foreseen. |
The Company stated that providing the SBLC is in the overall interest of Shalby Ltd, as it will help the step down subsidiary secure necessary credit facilities. The transaction is noted to have no material financial or operational impact foreseen on the listed entity.
SHALBY Stock Price Movement
As of 3:22 PM, shares of Shalby Limited shed 0.14% in live trading, falling to ₹152.00. The stock moves amid notable activity, with 85,880 shares traded so far in the market session.Source:
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