Yash Innoventures Secures Loan Facility of Up To Rs 1.53 Crore from Cholamandalam Investment
Yash Innoventures Limited (formerly known as Redex Protech Limited) has secured approval for a significant loan facility from Cholamandalam Investment and Finance Company Limited (CIFCL). The Board of Directors of the company approved the terms, which involve availing a secured loan facility up to Rs 1,53,00,000/- (Rupees One Crore Fifty-Three Lakhs Only) in tranches.The financing agreement allows Yash Innoventures to borrow from CIFCL at an interest rate not exceeding 10.50% per annum for a tenure that does not exceed 168 months. The facility is subject to the provisions of the Companies Act, 2013 and the borrowing limits approved by shareholders under Section 180(1)(c) of the Companies Act, 2013.
As part of securing this loan, the Board formally approved the creation of a mortgage in favour of Cholamandalam Investment and Finance Company Limited (CIFCL). The security is established over the company's immovable property located at 1st Floor, Corporate House No. 3, Parshwanath Business Park, Bh. Prahladnagar Garden, S.G. Highway, Ahmedabad - 380014, Gujarat.
Key details of the approved facility include:
| Parameter | Details |
|---|---|
| Lender | Cholamandalam Investment and Finance Company Limited (CIFCL) |
| Loan Amount | Up to Rs 1,53,00,000/- |
| Interest Rate | Not exceeding 10.50% per annum |
| Tenure | Not exceeding 168 months |
The Board meeting also authorized Mr. Gnanesh Rajendrabhai Bhagat, Managing Director, to negotiate and finalize the terms and conditions of the loan facility. He was authorized to execute and sign all necessary documentation, including loan agreements, security documents, deeds, undertakings, promissory notes, and any other required materials on behalf of Yash Innoventures Limited.
Furthermore, Mr. Bhagat has been given authority to undertake all acts, deeds, and matters essential for realizing this approval. This includes filing the requisite forms concerning the registration of the charge created in favour of Cholamandalam Investment and Finance Company Limited (CIFCL).
Stock Price Movement
Yash Innoventures Ltd settled on Wednesday at ₹31.30, climbing by 2.66% in the close of trading. The shares moved throughout the day within an intraday range spanning from a low of ₹30.22 to a high of ₹31.49.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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