Continental Petroleums Limited , a lubricant manufacturer, has taken a significant step to support its subsidiary's financial needs. The company's Board of Directors has approved a corporate guarantee in favor of ICICI Bank Ltd for credit facilities granted to its subsidiary, Magnus Asia Private Limited (formerly known as Unique Techno Associates Private Limited).

Guarantee Details

The corporate guarantee covers the following credit facilities:

Purpose and Impact

The primary purpose of this guarantee is to secure working capital facilities for Magnus Asia Private Limited's operational requirements. Continental Petroleums has stated that this transaction is conducted in the ordinary course of business and at arm's length.

Financial Implications

According to the company's disclosure, the guarantee is considered a contingent liability. Continental Petroleums has assured that this financial commitment will not have any material impact on its financials.

Subsidiary Information

Magnus Asia Private Limited, the beneficiary of this guarantee, is a subsidiary of Continental Petroleums Limited. The company, previously known as Unique Techno Associates Private Limited, operates under the Corporate Identification Number (CIN) U23201RJ1985PTC003496.

Regulatory Compliance

This corporate action has been disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The decision was made during a board meeting held on October 31, at the company's registered office in Jaipur, Rajasthan.

Continental Petroleums Limited continues to demonstrate its commitment to supporting its subsidiary's growth and operational needs through this financial arrangement.

Continental Petroleums Limited , a Jaipur-based company, has announced a crucial board meeting scheduled for October 31, 2025. The meeting, set to take place at 3:00 PM at the company's registered office in Jaipur, will focus on a significant financial decision involving its subsidiary.

Key Agenda Item

The primary item on the agenda is the consideration of providing a corporate guarantee for its subsidiary, Magnus Asia Private Limited (formerly known as Unique Techno Associates Private Limited). This guarantee is intended to secure working capital limits from ICICI Bank.

Meeting Details

Here's a summary of the key details of the upcoming board meeting:

Regulatory Compliance

The company has made this announcement in compliance with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. This regulation mandates listed entities to inform stock exchanges about board meetings that are considering materially important matters.

Company Background

Continental Petroleums Limited operates in the petroleum and lubricants sector. The company's CIN is L23201RJ1986PLC003704, indicating its registration in Rajasthan.

This board meeting signifies a potential strategic move by Continental Petroleums to support its subsidiary's financial operations. The outcome of this meeting could have implications for the company's financial structure and its relationship with its subsidiary.

Investors and stakeholders will be keenly watching for the results of this board meeting, as the decision on the corporate guarantee could impact the company's financial commitments and future strategies.