Letters of Comfort for Rs. 6100 lakhs issued to banks of JV and subsidiary company

The company has issued Letters of Comfort for a cumulative amount of Rs. 6100 lakhs in favour of the bankers of its joint venture and subsidiary company, Isgec Titan Metal Fabricators Private Limited.

Thu 8 Oct 2026

Letters of Comfort Amount

cumulative amount of Rs. 6100 lakhs

Corporate Guarantee Limit Approved

not exceeding Rs. 6550 Lakhs

Board Approval Date

May 27, 2026

The company has informed the exchanges that it has issued Letters of Comfort. Here is what the update sets out.

What has been issued

• Letters of Comfort for a cumulative amount of Rs. 6100 lakhs have been issued in favour of the bankers of the company's joint venture and subsidiary company, Isgec Titan Metal Fabricators Private Limited.
• This follows the board's approval, at its meeting held on May 27, 2026, for the issuance of corporate guarantee(s) not exceeding Rs. 6550 Lakhs in favour of banks on behalf of that joint venture and subsidiary.

Why the support is being given

The update states this credit support will enable the said subsidiary to avail working capital limits from its bankers to meet its operational requirements. Isgec Titan Metal Fabricators Private Limited is described in the update as a joint venture and subsidiary company.

How it touches the listed company

• The update states the Letters of Comfort shall not have any immediate financial impact on the company unless the joint venture and subsidiary company, Isgec Titan Metal Fabricators Private Limited, defaults in repayment of its loan's obligations.
• The promoter, promoter group and group companies have no interest in this transaction.

What to note

The amount approved by the board, not exceeding Rs. 6550 Lakhs, is the outer limit for the corporate guarantee(s); the Letters of Comfort actually issued are for a cumulative Rs. 6100 lakhs. The obligation is contingent, and the update states that any further update in this regard will be disseminated in due course.

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