Concord Control Systems Issues Rs 38 Crore Corporate Guarantee for Subsidiary 5 days ago
Concord Control Systems Limited has provided a corporate guarantee of Rs 38.00 crores to Axis Bank Limited for its wholly owned subsidiary, Advanced Rail Controls Private Limited. The guarantee aims to secure working capital and other short-term facilities for the subsidiary. This will be reflected as a contingent liability in Concord Control Systems' financial statements, with no immediate financial impact beyond the disclosure requirement. The company has stated that promoters and group companies have no interest in this transaction beyond their existing shareholding.
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